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Mindray Medical International aims to acquire Datascope’s patient monitoring business

Mindray Medical International : 12 March, 2008  (Company News)
Mindray Medical International is planning to acquire Datascope’s patient monitoring business, creating upon completion the third-largest player in the global patient monitoring device industry.
The acquisition will further the Mindray's goal of becoming a leading provider of high-quality medical devices to markets worldwide.

Datascope's patient monitoring business achieved total revenues of $161.3 million in 2007, approximately the same revenues generated from Mindray's home China market.

Upon closing, Mindray expects to benefit from the synergies created by combining Mindray's strong China-based engineering and production platforms with Datascope's established brands, long standing reputation for high-quality products and service, its large and established direct sales and service team in the USA and Europe and both companies' leading R&D capabilities.

This transaction represents a unique combination of strengths that will help transform Mindray from a largely China-based company into a global leader, and substantially further our strategy of building a leading on-the-ground presence in the United States and Europe,' said Xu Hang, Mindray's chairman and co-chief executive officer. 'Datascope customers should also benefit from the combined company's expanded product line up and enhanced ability to tailor product functionality for specific end-user requirements, and Mindray's customers in the United States and Europe will enjoy the support of an established direct sales and service network.'

The company plans to maintain Datascope's existing branded product ranges and to continue manufacturing Datascope products in the USA. David Gibson, Datascope's vice president and president, patient monitoring division and technology services division, will serve as the president of Mindray's Datascope patient monitoring business unit upon completion of the transaction. The existing management team is expected to continue post-closing without significant changes along with the rest of the patient monitoring division staff.

Currently, the majority of Datascope's patient monitoring revenue is generated from sales in North America, with the remainder from markets largely in Europe.

Li Xiting, Mindray's president and co-chief executive officer commented, 'This is an exceptional fit of complementary assets in the patient monitoring industry. Datascope's strength in direct sales to under-300 bed hospitals, its leading market share in key niche areas, and direct sales and service team in the United States and Europe offer immediate cross-selling opportunities for Mindray's high performance-to-price medical imaging systems. Also, by leveraging Mindray's China-based R&D, we are positioned to tailor existing Datascope models for new markets and enhance product functionality. With our common culture of performance and dedication to meeting customer needs, I am very optimistic for the future of the combined business.'

Li noted that the combined company will enjoy leading market share in specific sub-segments of the US patient monitoring market, such as ambulatory surgery centres, the hospital anaesthesia market and the vital signs monitoring market as well as significant strength in centralized monitoring systems.

Commenting on the transaction, Larry Saper, chairman and chief executive officer of Datascope said, 'The addition of our Patient Monitoring business to Mindray's business will create a global patient monitoring company better positioned to serve the healthcare market and compete on a worldwide basis. We expect our customers to continue to benefit from the high level of innovation, quality and service long associated with the Datascope brand. We thank our patient monitoring employees for their many years of loyal and dedicated service to Datascope, and we look forward to a smooth transition as they become important members of the growing Mindray organization.'

Upon closing, the combined business will offer more than 50 products across Mindray's three product segments. Mindray will benefit from Datascope's patient monitoring product pipeline as well as its existing innovative, wireless monitoring solution, NetGuard, for detecting unexpected cardiac events in previously unmonitored patients that recently received FDA approval. The combined business will benefit from manufacturing synergies derived from Mindray's efficient China-based component sourcing.

Upon completion of the transaction, Mindray will have approximately 4,100 employees.
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