(Yicai Global) June 5 -- Chinese medical device manufacturer Kinetic Medical will acquire New York-based firm Elliquence, as part of efforts to expand its product portfolio.

Kinetic will pay USD77.2 million in cash for a 100 percent stake in Elliquence, which specializes in endoscopic spine products, the Shanghai-based firm said in a statement.

The company aims to form synergies related to existing product layouts while boosting customer resources and enhancing profitability.

China accounted for just over half of Elliquence's global sales last year, and its business in the country has remained steady. The firm supplies mainframe and disposal consumables to a large number of leading Chinese hospital, while it has also grown quickly in the Japanese, American and South American markets.

Upon deal closure, Kinetic will make efforts to replace Elliquence's original exclusive dealers with its own channel resources, so as to cut back on sales and operating costs.

Editor: William Clegg