Hony-invested Biosensors completes bolt-on

Under the agreement, Biosensors will assume ownership of Spectrum's intellectual property, equipment and technology, including its cardiac imaging system. The two companies will create a joint venture aimed at developing future non-cardiac applications.

The purchase will be funded by internal resources and Biosensors expects the transaction to have minimal impact on its 2014 fiscal year financial results.

"Hospitals and physicians in the emerging markets will thus be able to screen cardiac patients more expediently and serve more patients in a given time. This acquisition is in line with our strategic objective to expand our product offerings. It also reflects our commitment to continue diversifying our business as we take our company to the next level," commented Biosensors' CEO Jack Wang in a statement.

John Zhao, Hony's CEO, previously told the AVCJ China Forum that he wanted to take US and European technology companies into China, exposing them to new markets and adding value to their business. He cited Biosensors as a good example of this kind of deal. Hony bought a 30% stake in the company three years ago for $218.3 million, with a view to supporting its China penetration.

Founded in 2004, Spectrum products have been approved for sale in major markets including the US, Japan, Europe and Canada. The book value of the assets amounted to $7.3 million as of the end of March.

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• Topics
• Greater China
• Healthcare
• Buyouts
• China
• Hony Capital
• healthcare
• M&A