CITIC PE seeks full ownership of Biosensors International

The Biosensors board said in a regulatory filing that it is reviewing the offer and there is no guarantee this will end in a transaction. The stock was suspended from trading on October 26 at S$0.68. This values the business at approximately S$1.15 billion ($820 million).

Biosensors said in February 2014 that CITIC PE had held "very preliminary discussions" with external parties about potentially increasing its stake, amid reports that it was seeking to buy a controlling interest. The private equity firm subsequently abandoned plans for a takeover.

Biosensors was founded in 1990 and listed on the Singapore Exchange in 2005. It specializes in cardiovascular and critical care products, as well as a range of peripheral devices. Most of its revenue comes from interventional cardiology, specifically drug-coated stents that are used in the treatment of weak arteries.

CITIC PE bought a 21.7% stake in Biosensors from Hong Kong-listed Shandong Weigao Group Medical Polymer for $312.28 million in November 2013. 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.

As of June 2015, CITIC PE held a 19.63% interest in Biosensors, while Hony had 11.83%.

The company reported revenue of S$308.4 million for the 2015 financial year, down from S$323.8 million in 2014. It also swung from a net profit of S$40.6 million in 2014 to a loss of S$224.8 million, largely due to goodwill impairment losses in the interventional cardiology segment.

China-focused CITIC PE closed its second US dollar fund in May at about $1.3 billion.

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• Topics
• Buyouts
• Healthcare
• Greater China
• Southeast Asia
• Citic Private Equity
• buyout
• Singapore
• China
• healthcare