(Yicai Global) Sept. 18 -- Galaxy Biomedical Investment Co. [SHE:000806], an equipment maker based in China's southwestern Guangxi Autonomous Region, plans to acquire a Beijing-based hospital management firm which engages in remote medical services for cardiovascular disease.

Galaxy Biomedical recently reached an agreement with major shareholders of Beijing Remote Heart Community Hospital Management Co. to buy a 66.78-percent stake with cash, the former said in a statement on Sept. 16. It did not disclose the value of the deal.

On completion of the deal, the biomedical firm will consult with other shareholders in an effort to buy the remaining shares in the company. Galaxy Biomedical expects the target firm's overall value to be between USD763 billion and USD916 billion

Beijing Remote Heart Community Hospital Management is one of China's leading cardiovascular medical operators and has established a partnership with China's top cardiovascular hospital, the Chinese Academy of Medical Sciences' Fuwai Hospital. The company provides diagnostic equipment through remote consultation centers in public hospitals, and arranges Fuwai Hospital experts to provide remote consultation services.

Galaxy Biomedical is a high-tech company founded in 1993. Traditionally, its main businesses were power transmission and distribution, though it now sees biopharmaceuticals as its major industrial development direction.