SHENZHEN, China, May 15 /Xinhua-PRNewswire-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), 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.
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 .
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements" including
those related to the anticipated run-rate synergies that Mindray expects to
achieve including timing of achieving such synergies and their amount.
These statements are not historical facts but instead represent only our
belief regarding future events, many of which, by their nature, are
inherently uncertain and outside of our control. It is possible that our
actual synergies achieved may differ, possibly materially, from the
anticipated synergies indicated in these forward-looking statements.
Readers are cautioned that these forward-looking statements are only
predictions and may differ materially from actual future events or results
due to a variety of factors, including but not limited to: the expected
growth of the medical device market in China and internationally; relevant
government policies and regulations relating to the medical device
industry; market acceptance of our products; our expectations regarding
demand for our products; our ability to expand our production, our sales
and distribution network and other aspects of our operations; our ability
to stay abreast of market trends and technological advances; our ability to
effectively protect our intellectual property rights and not infringe on
the intellectual property rights of others; competition in the medical
device industry in China and internationally; and general economic and
business conditions in the countries in which we operate. The financial
information contained in this release should be read in conjunction with
the consolidated financial statements and notes thereto included in our
public filings with the Securities and Exchange Commission. For a
discussion of other important factors that could adversely affect our
business, financial condition, results of operations and prospects, see
"Risk Factors" beginning on page 5 of our annual report on Form 20-F, filed
on June 26, 2007. Our results of operations for the first quarter of 2008
and for fiscal year 2008 are not necessarily indicative of our operating
results for any future periods. Any projections in this release are based
on limited information currently available to us, which is subject to
change. Although such projections and the factors influencing them will
likely change, we will not necessarily update the information. Such
information speaks only as of the date of this release.
For investor inquiries please contact:
Mindray Medical International Limited
Ogilvy Public Relations Worldwide, Beijing
In the United States:
Ogilvy Public Relations Worldwide, New York
|SOURCE Mindray Medical International Limited|
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