SHENZHEN, China, July 7, 2015 /PRNewswire/ -- Mindray Medical
International Limited ("Mindray", NYSE: MR), a leading developer,
manufacturer and marketer of medical devices worldwide, announced
today a definitive agreement to acquire the remaining stake in
Wuhan Dragonbio Surgical Implant Co., Ltd. ("Dragonbio") for
approximately US$72.6 million.
Dragonbio is a domestic medical orthopedic-product provider that
specializes in trauma, spine, joint and other surgical products.
Prior to today's announcement, Mindray already has a controlling
stake of Dragonbio, which was acquired in 2012. The transaction
will be funded through Mindray's existing cash reserves and is
expected to close in July. Mindray expects the deal to have
non-material impact on its 2015 financial results.
"Since we acquired a majority stake of Dragonbio in 2012, the
integration has been well on track," said Mr. Minghe Cheng, Mindray's Co-Chief Executive
Officer and Chief Strategic Officer. "We are optimistic about
the prospects of the orthopedic consumable market in China and have therefore decided to make
Dragonbio our wholly owned subsidiary. The transaction is expected
to help us manage and expand the business more efficiently and
effectively through our strong capital position, large-scale
operational experience and worldwide presence."
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the Private securities
Litigation Reform Act of 1995. Statements that are not historical
facts, including without limitation, the anticipated transaction
and timing, our expectation about the non-material impact of the
deal on our 2015 financial results, statements that we are
optimistic about the prospects of the orthopedic consumable market
in China, that the transaction is
expected to help us manage and expand the business more efficiently
and effectively through our strong capital position, large-scale
operational experience and worldwide presence and other statements
about Mindray's belief and expectations are "forward-looking"
statements. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Mindray may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange
Commission on forms 20-F and 6-K, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Readers are cautioned that these forward-looking
statements are only predictions. Forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements. A number of
important factors including without limitation, competitive,
pricing and other conditions in China and our international markets and our
ability to effectively address or respond those conditions; our
ability effectively attract and retain our key employees; the
growth and expected growth of the medical device market in
China and internationally;
applicable government policies and regulations; our ability to
satisfy the requirements imposed by relevant regulatory bodies;
market acceptance of our products; our expectations regarding
demand for our products; our ability to expand our production, our
sales and distribution network and other aspects of our operations;
our ability to stay abreast of market trends and technological
advances; our ability to effectively protect our intellectual
property rights and not infringe on the intellectual property
rights of others; our ability to settle disputes with our customers
and suppliers; and general economic and business conditions in the
countries in which we operate, could cause actual results to differ
materially from those contained in any forward-looking statement.
For a discussion of other important factors that could adversely
affect our business, financial condition, results of operations and
prospects, see "Risk Factors" beginning on page 6 of our annual
report on Form 20-F which was filed on April
16, 2015. Potential risks and uncertainties include, but are
not limited to, the transaction may not close when expected or at
all, the transaction may have more or less impact on the company's
2015 financial results than expected, the anticipated transaction
benefits may not be realized and such other risks outlined in
Mindray's filings with the U.S. Securities and Exchange
Commission, including its registration statements on Form F-1, F-3
and 20-F, in each case as amended. Any projections in this release
are based on limited information currently available to us, which
is subject to change. Although such projections and the factors
influencing them will likely change, Mindray does not necessarily
undertake any obligation to update any forward-looking statements,
except as required under applicable law. Such forward-looking
statements speak only as of the date of this release.
About Mindray
We are a leading developer, manufacturer and marketer of medical
devices worldwide. We maintain our global headquarters
in Shenzhen, China, U.S.
headquarters in Mahwah, New Jersey and multiple sales
offices in major international markets. From our main manufacturing
and engineering base in China, we supply through our worldwide
distribution network a broad range of products across three primary
business segments, namely patient monitoring and life support,
in-vitro diagnostics, and medical imaging systems. For more
information, please visit http://ir.mindray.com.
For investor and media inquiries, please contact:
In China:
Cathy Gao
Mindray Medical International Limited
Tel: +86-755-8188-8023
Email: cathy.gao@mindray.com
In the U.S:
Hoki Luk
Western Bridge, LLC
Tel: +1-646-808-9150
Email: hoki.luk@westernbridgegroup.com
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SOURCE Mindray