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China's MicroPort buys US firm in record takeover
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CHINESE medical device company MicroPort Scientific Corp announced it has completed the acquisition of US company Wright Medical Group's orthopedics businesses for US$290 million, the largest takeover in the domestic medical device sector.
“The takeover will complement our existing business by providing products that are more suitable for Asian patients as well as providing us with a global sales network," said Chang Zhaohua, founder, chairman and chief executive officer of MicroPort, in a statement.
After the acquisition, overseas businesses will make up about 40 percent of its total revenue.
Completion of the takeover is expected to bring the Hong Kong-listed MicroPort Scientific extra annual sales revenue of about US$257 million, more than one third higher than its original forecast, JP Morgan said in a research note.
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