October 7, 2011 — Biosensors has announced completion of its acquisition of JW Medical Systems Ltd. (JWMS), one of the top three suppliers of drug-eluting stents (DES) in China.
Biosensors previously owned 50 percent of JWMS and has now acquired the remaining half of the company from Weigao, China’s leading manufacturer of single-use medical devices. The acquisition was made through a cash and stock deal approved by the Singapore Stock Exchange (SGX) and Biosensors shareholders.
As a result of the deal, Weigao has become a key Biosensors shareholder and holds two seats on the company’s board of directors. Details of the deal can be found in the Investor Relations section of Biosensors’ website.
Coronary artery disease (CAD) is the second-biggest killer in China, accounting for 20 percent of all deaths in 2009. More than 95 percent of percutaneous coronary intervention (PCI) procedures use a DES. Three-quarters of DES are manufactured domestically. The overall China market is currently estimated at close to half a billion U.S. dollars and is expected to continue growing rapidly over the coming years.
For more information: www.biosensors.com