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Strategic Alliance to Leverage Best of Both Companies to Reach
Cardiovascular Patients in China and Other Emerging Markets
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Minneapolis and Shenzhen, Jan 30, 2013 - (ACN Newswire) - Medtronic, Inc. (NYSE:MDT) and LifeTech Scientific Corporation (8122:HK) today announced the closing of a transaction creating a strategic alliance that brings together the resources and technologies of the world's largest medical device company with the local market expertise, brand recognition and growth potential of a recognized leader in China, which is fast becoming one of the world's largest device markets. The strategic alliance will allow each company to serve cardiovascular patients and clinicians who previously have been unreachable by either company alone, and to develop a more robust cardiovascular platform.
Under the terms of the definitive agreements, Medtronic purchased a 19.0 percent equity interest in LifeTech, and received the right of first negotiation to distribute current and future LifeTech products as well as the opportunity to acquire additional ownership in LifeTech. Medtronic will also provide services and expertise to LifeTech to support its continued growth, development pipeline and manufacturing capabilities to better serve patients and clinicians in China and globally.
Medtronic purchased its initial equity investment for HK$3.80 per share or HK$361 million (approximately US$46.5 million) in total. Medtronic also purchased a HK$152 million (approximately US$19.6 million) convertible note representing an additional approximately 7.4 percent equity on a fully-diluted post-conversion basis. Medtronic will also have the opportunity to acquire additional convertible notes. The investment is consistent with Medtronic's capital allocation strategy and meets internal financial return expectations.
The transaction closing follows the receipt of approvals from the shareholders of LifeTech and applicable Chinese and Hong Kong regulatory authorities.
In collaborating with leading clinicians, researchers and scientists, Medtronic offers the broadest range of innovative medical technology for the interventional and surgical treatment of cardiovascular disease and cardiac arrhythmias. The company is continuing its commitment to offering products and services that deliver clinical and economic value to healthcare consumers and providers worldwide.
About Medtronic
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology - alleviating pain, restoring health, and extending life for millions of people around the world.
Contact:
Medtronic Contacts:
Winston Wu
Public Relations
+86 21 2032 5888
Jeff Warren
Investor Relations
+1 763-505-2696
LifeTech Contacts:
Cathy Zhang
Public Relations
+86 755 8602 6292
Lawson Liu
Investor Relations
+86 755 8602 8988
Topic: Press release summary
Source: Lifetech Scientific Corporation
Sectors: Daily Finance, Daily News, BioTech
http://www.acnnewswire.com
From the Asia Corporate News Network
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