(Yicai Global) May 17 -- Shares of Mindray Bio-Medical Electronics leaped after the Chinese medical devices supplier agreed to buy Finland’s HyTest Invest, a biotech company that makes diagnostic test materials, and its two subsidiaries for EUR545 million (USD663 million).
Mindray’s stock price [SHE: 300760] closed 5.1 percent higher today at CNY473.30 (USD73.49), after earlier climbing as much as 8.8 percent. The broader Shenzhen Component Index added 1.7 percent.
The acquisition will boost Mindray’s ability to develop antibodies and antigens for diagnostic products, the Shenzhen-based company said in a statement late yesterday. Its in-vitro diagnosis business contributed 31.6 percent of total operating revenue last year, Mindray said.
HyTest is a leading immune materials supplier and has a development and production base in Moscow. The firm’s major products are monoclonal antibodies, antigens and plasma products, and its revenue mainly comes from China and the United States. HyTest’s Chinese unit is one of Mindray’s main raw material suppliers.
Editor: Tom Litting