CITIC PE considers Biosensors acquisition – update
CITIC Private Equity has held talks about potentially increasing its stake in Singapore-listed portfolio company Biosensors International, the medical device maker said on Wednesday.
The announcement follows a Bloomberg report that the private equity firm is looking to buy full control of the firm. CITIC PE bought a 21.7% stake in Biosensors from Hong Kong-listed Shandong Weigao Group Medical Polymer for $312.28 million in November.
Biosensors' stock was suspended from trading after surging 15% on Tuesday.
The firm said it had asked CITIC PE to clarify its position in response to the news. The private equity firm said that, as a financial investor, it "keeps under consideration the options available to it to enhance the value of its investment in the company," according to a regulatory filing.
CITIC PE also revealed that it has held "very preliminary discussions" with external parties about increasing its investment, but had yet to decide whether to pursue this course of action.
Biosensors is also an investee of Hony Capital. The private equity firm acquired a 29% stake for $134 million in 2010 and has since helped the company develop its distribution platform in China.
In May, Biosensors completed a bolt-on acquisition of Spectrum Dynamics, an Israel-based medical imaging and clinical applications company, in a deal in worth of $51.13 million.
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