Mindray Plans $927 Million Deal to Control APT Medical

2 February 2024


On January 28th, Mindray announced its intention to acquire control of APT Medical (688617.SH), a medical device company listed on the Sci-Tech Innovation Board of Shanghai Stock Exchange, using its own funds of 6.65 billion yuan ($927 million) through a combination of "share transfer by agreement and waiver of voting rights." This move aims to position Mindray in the cardiovascular field strategically.

If the entire acquisition plan proceeds as planned, Mindray, through its subsidiary Shenzhen Mindray Scientific Holdings Co., Ltd. and its partner acting in concert, Zhuhai Tongsheng, will collectively hold approximately 16.46 million shares of APT Medical, accounting for 24.61% of APT Medical's total equity, making Mindray the largest and the controlling shareholder of APT Medical.

According to a comprehensive industry research report, the global cardiovascular market has reached a size of $56 billion, with the Chinese market exceeding ¥50 billion ($6.96 billion), ranking second globally and domestically in the medical device market, only after the In-vitro diagnostics field. Against the backdrop of an aging population, the cardiovascular market is experiencing significantly higher growth rates than other fields.

The target of this acquisition, APT Medical, has focused on the cardiovascular sector for many years, achieving a leading market position in areas such as cardiac electrophysiology, coronary artery access, peripheral vascular intervention, and other segmented fields. With capabilities spanning from upstream raw materials to finished products in the research and development and supply chain of consumable products, it stands as a leading enterprise in China's cardiovascular sector.

In the future, leveraging the rich experience of Mindray and APT Medical in the medical equipment and consumables fields, a new pattern is emerging – "Mindray Equipment and APT Medical Consumables." Mindray's robust product engineering and system integration capabilities are expected to further enhance APT Medical's product performance. Additionally, the extensive global market sales and service system established by Mindray, along with diverse customer resources, opens avenues for APT Medical's innovative products to reach a broader international market.

The combined competitive advantages and cost-effectiveness resulting from this strong partnership are poised to serve as direct catalysts for both companies to break into the global market. The complementary industrial integration of resources also has the potential to give rise to a new industry leader, paving the way for exploring new market opportunities in the cardiovascular pathway.



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