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News

Medtronic and Weigao agree Chinese joint venture to target the spine and orthopaedics sector

Medtronic : 18 December, 2007  (New Product)
Medtronic and Shandong Weigao Group Medical Polymer have agreed to form a joint venture to market therapies in the spine and orthopaedics sector with Medtronic also acquiring a 15 percent equity interest in Weigao.
The joint venture will market in China Medtronic’s spinal products and Weigao’s orthopaedic products which include therapies for the hip, shoulder, spine and trauma. Under the joint venture agreement, Medtronic will have a 51 percent interest in the joint venture and Weigao will have a 49 percent interest.

Closing of the transaction is subject to various conditions, including approval of the Chinese regulators and Weigao’s shareholders.

“China is key to our global strategy as we continue to expand our geographic footprint,” said Bill Hawkins, Medtronic president and CEO. “Weigao has a broad orthopaedic and trauma product line that complements Medtronic’s offerings, but even more importantly, we feel we can generate synergies with their very strong presence and reputation in China. We view Weigao as an ideal strategic partner.”

Chen Xue Li, chairman of Weigao said, “We take great pride in forming a strategic alliance with Medtronic, the world’s leading medical technology company. The collaboration will further broaden our business and raise our R&D capability, leveraging our extensive customer network and quality production, paving the way for Weigao to be the leading medical device company in Asia. With our localised knowledge, we hope to play an important role in Medtronic’s China strategy bringing Medtronic’s products to benefit millions of patients in China.”
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