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Tiansheng to purchase stake in Xianming
Posted on Friday, 11 August 2017 11:58
Tiansheng Pharmaceutical Group is acquiring 51.0 per cent of Hubei Xianming Medical Equipment for CNY 5.10 million (USD 764,973) in cash to expand into the medical devices sector.
The individual sellers are Li Qiqing, Li Wenfeng and Li Wenhui, who currently owns 40.0 per cent, 30.0 per cent and 30.0 per cent stakes, respectively, in the target.
Founded in 2001, Xianming manufactures medical equipment such as syringes, needles and other disposable materials.
Based in Chongqing, China, Tiansheng primarily manufactures Chinese herbal medicines designed to alleviate various symptoms, including coughing and sore throat.
Xianming has appointed Sichuan Huaxin (Group) Certified Public Accountants and Chongqing Huakang Assets & Land & Real Estate Appraisal to the deal.
The transaction comes barely two months after Tiansheng listed its shares on the Shenzhen Stock Exchange, raising CNY 1.19 billion in the process.
It issued 53.00 million shares, which accounted for 25.0 per cent of its enlarged capital, at a price of CNY 22.37 apiece.
Tiansheng appointed Huaxi Securities, Zhong Yin Lawyer, Beijing Xinghua Certified Public Accountants and Wanlong (Shanghai) Assets Appraisal to assist with its IPO.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 271 other announced or completed deals targeting medical devices manufacturers worldwide in 2017 to date.
The largest of these by value was Becton Dickinson and Company’s USD 24.00 billion acquisition of CR Bard, which is set to close in the fourth quarter of this year.
Second on the list was Cardinal Health’s USD 6.10 billion takeover of Medtronic’s medical technology businesses, namely its Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency divisions, last month.
Others targeted during the period include Abbott Medical Optics, ZELTIQ Aesthetics, Spectranetics Corporation.
© Zephus Ltd