Mindray Medical to Acquire a Controlling Stake in Suzhou Hyssen Electronics
SHENZHEN, China, July 5, 2011 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today an agreement to acquire a controlling stake of Suzhou Hyssen Electronics Co. Ltd ("Hyssen"). The terms of the agreement were not disclosed as the transaction is non-material to Mindray's financial statements.
Founded in 2003 and based in Suzhou, China, Hyssen is one of the market leaders in automated urine sediment analyzers in China. Urine sediment analysis can detect kidney and urinary tract diseases by analyzing blood cells, bacteria, urinary casts, etc., in urine samples. Urine sediment and dry chemistry analysis form urinalysis. Urinalysis, together with hematology and biochemistry analysis, are the three most common methods used in in-vitro diagnostic market. In 2010, the diagnostic urinalysis market in China was approximately $155 million, of which urine sediment analysis accounted for about 45% of the total, growing at an annual rate of over 30%.
Mindray expects to achieve synergies in the transaction by combining its strong engineering, manufacturing, sales and management platforms with Hyssen's technology and expertise in urine sediment analysis. "We are excited about this transaction and believe that our collaboration will benefit both Mindray and Hyssen," said Mr. Minghe Cheng, Mindray's Chief Strategic Officer. "Hyssen's products complement our current in-vitro diagnostic product offerings in urine dry chemistry, hematology and biochemistry. With the new additions, we believe that our in-vitro diagnostic segment can now provide our customers with better and more complete solutions."
About MindrayWe are a leading developer, manufacturer and marketer of medical devices worldwide. We maintain global headquarters in Shenzhen, China, U.S. headqua