Mindray Medical International Limited, a leading China-based developer, manufacturer and marketer of medical devices worldwide, today announced the completion of its acquisition of Datascope Corporation's patient monitoring device business pursuant to the terms of the definitive agreement entered into on March 11, 2008.
The combined business benefits from Mindray's integrated engineering and manufacturing platforms, Datascope's established brands, reputable products and services and extensive direct sales and service capabilities in the United States and Western Europe.
''We are pleased to complete this acquisition, which represents a significant milestone on our path to becoming a leading global medical device company,'' said Xu Hang, Mindray's chairman and co-chief executive officer. ''This transaction ensures sustainable high growth for our international business and gives us immediate access to an established network of hospital customers in the U.S., the world's single largest healthcare market. We're optimistic about the growth potential of our combined business
and believe we are now even better positioned to address the growing trend of cost-conscious healthcare spending worldwide.''
Under the agreement, Mindray has acquired Datascope's patient monitoring device business for a total purchase price of US$209 million in cash, as adjusted for working capital at the closing date. Mindray expects to achieve over US$30 million in run-rate synergies from the acquisition in the areas of manufacturing, SG&A and R&D in 2011.
About Mindray
Mindray Medical International Limited is a leading developer, manufacturer and marketer of medical devices worldwide. Established in 1991, Mindray offers a broad range of products across three primary business segments: patient monitoring & life support products, in-vitro diagnostic products, and medical imaging systems. Mindray is globally headquartered in Shenzhen, China, with U.S. headquarters in Mahwah, New Jersey. Mindray also has sales and service offices internationally in Amsterdam, Istanbul,
London, Mexico City, Moscow, Mumbai, Sao Paulo, Seattle, Toronto and Vancouver. For more information, please visit http://www.mindray.com .
For investor inquiries please contact:
In China:
Susan Du
Mindray Medical International Limited
Tel: +86-755-2658-2518
Email:
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Justin Knapp
Ogilvy Public Relations Worldwide, Beijing
Tel: +86-10-8520-6556
Email:
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In the United States:
Jeremy Bridgman
Ogilvy Public Relations Worldwide, New York
Tel: +1-212-880-5363
