China’s Mindray to buy diagnostic test material supplier HyTest for $661m

Photo: Reuters

China’s Shenzhen Mindray Bio-Medical Electronics has agreed to acquire HyTest, a supplier of raw materials used in tests for diseases such as COVID-19, to gain independence in making and developing core materials for testing reagents.

Mindray‘s purchase of Finland-based HyTest Invest Oy and its subsidiaries for an estimated 545 million euros ($661 million), agreed to in a signing on May 15, would give it the resources of a major developer and manufacturer of antibodies and antigens for diagnostic products, the company said in a filing on Sunday.

Mindray‘s share rose as much as 8.8% on Monday.

“Self-research and self-production of raw materials for testing reagents is an important guarantee of the reagents’ quality,” Mindray said in an call with investors on Sunday.

Mindray‘s current capacity falls behind the mainstream level of the industry. Through the acquisition, Mindray will … increase the proportion of core materials made in-house,” it said, according to a recording of the call published on Monday.

HyTest has already become a core material supplier to Mindray and maintained more than a decade of partnership with the Chinese firm, Mindray said.

Reuters

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.