Medical device firm Mindray Medical International has signed an agreement to purchase the remaining interest in Wuhan Dragonbio Surgical Implant, for around $72.6m.
Established in 2005 and based in Wuhan, Dragonbio supplies medical orthopedic products in China.
The company is a domestic medical orthopedic-product provider, which is specialized in trauma, spine, joint and other surgical products.
In 2012, Mindray acquired controlling stake in Wuhan Dragonbio Surgical Implant, for around $35.5m.
Mindray Medical International co-chief executive officer and chief strategic officer Minghe Cheng said: "We are optimistic about the prospects of the orthopedic consumable market in China and have therefore decided to make Dragonbio our wholly owned subsidiary.
"The transaction is expected to help us manage and expand the business more efficiently and effectively through our strong capital position, large-scale operational experience and worldwide presence."
The deal is expected to complete by the end of this month.
Based in Shenzhen of China, Mindray develops and markets medical devices and it operates primarily in three business segments, including patient monitoring and life support, in-vitro diagnostics and medical imaging systems.
Image: Mindray to acquire remaining stake in Wuhan Dragonbio. Photo: courtesy of stockimages/ FreeDigitalPhotos.net.