HONG KONG and LAKE ZURICH, Ill., Aug. 11 /PRNewswire-Asia-FirstCall/ -- Fenwal, Inc. of Lake Zurich, Illinois, and Golden Meditech (stock code: 801.HK) of Hong Kong, announced today they have agreed to form a joint venture in China to focus on blood collection and transfusion products for the fast- growing Chinese medical market.
The transaction is expected to be completed in early 2010, subject to the signing of a definitive agreement and other customary company and regulatory conditions.
Medical professionals in China are expected to benefit from the combination of Fenwal's technological leadership in blood collection, separation, preservation and transfusion, and Golden Meditech's expertise in China's blood-related medical device and blood-banking fields. Fenwal will own 51 percent of the joint venture and Golden Meditech will own 49 percent.
The joint venture will operate from Beijing and serve customers throughout China. Initially, the joint venture will focus on sales and distribution of a range of Fenwal and Golden Meditech products, including Fenwal's AMICUS(R) system, a cell-separation system used to collect platelets; Golden Meditech's 3000H Plasma Exchange system, which is designed to remove toxins from patients' blood; and related supplies used to collect, process, preserve and transfuse blood and blood components.
"Fenwal is a pioneer and leader in advanced blood technologies," said Mr. Kam Yuen, Golden Meditech's chairman and chief executive officer. "We're looking to bring together the leadership, knowledge and capabilities of both companies to expand and customize our offerings for blood collection and transfusion medicine in China."
"Golden Meditech is a respected medical leader with extensive knowledge of
the China market," said Ron K. Labrum, Fenwal's president and chief executive
officer. "Its people, technologies and infrastructure will com
|SOURCE Golden Meditech; Fenwal, Inc.|
Copyright©2009 PR Newswire.
All rights reserved