Mindray To Acquire ZONARE Medical Systems

Mindray Medical International, a medical devices company based in Shenzhen, will acquire ZONARE Medical Systems, a leader in the high-end radiology segment, for US$105 million.

AsianScientist (Jun. 18, 2013) – Mindray Medical International Ltd. (Mindray), a medical devices company based in Shenzhen, China, today announced an agreement to acquire ZONARE Medical Systems, Inc. (ZONARE), an ultrasound technology leader in the high-end radiology segment for US$105 million.

Founded in 1999, ZONARE is based in Mountain View, California, U.S. Over the past decade, ZONARE has become one of the leading ultrasound brands in high-end radiology segment globally. ZONARE’s direct sales team covers developed markets including the US, Canada, Scandinavia and Germany.

Mindray’s management expects the deal to further the company’s goal of becoming a leading provider of high-quality imaging products to markets worldwide.

“This transaction will create significant synergies by combining ZONARE’s strong innovative R&D capability and direct sales and service network in the high-end ultrasound market with Mindray’s efficient engineering and production platforms,” said Minghe Cheng, Mindray’s co-Chief Executive Officer.

Mindray plans to maintain ZONARE’s brand and existing operations under its current management team led by Timothy A. Marcotte, ZONARE’s President and Chief Executive Officer.

“The deal will create a global ultrasound company that is better positioned to serve the healthcare market on a worldwide basis,” said Mr Marcotte.

“We expect our customers to continue to benefit from the high level of innovation, quality and services provided by the ZONARE brand.”

The transaction is expected to close in the third quarter of 2013 and is subject to regulatory and other customary closing conditions. The final acquisition price is subject to working capital and other adjustments, and will be funded with Mindray’s existing cash and planned borrowings from third parties.

——

Source: Mindray.
Disclaimer: This article does not necessarily reflect the views of AsianScientist or its staff.

Asian Scientist Magazine is an award-winning science and technology magazine that highlights R&D news stories from Asia to a global audience. The magazine is published by Singapore-headquartered Wildtype Media Group.

Related Stories from Asian Scientist