<article><p>China&#8217;s Shandong Weigao Group Medical Polymer Co Ltd has agreed to acquire US-based and unlisted Argon Medical Devices Holdings Inc for $850 million, as part of its overseas expansion drive.</p></article>

<p>China&#8217;s Shandong Weigao Group Medical Polymer Co Ltd has agreed to acquire US-based and unlisted Argon Medical Devices Holdings Inc for $850 million, as part of its overseas expansion drive.</p>
<p>Weigao Group, mainly engaged in the production and sale of medical devices, orthopaedic and blood purification products, has been seeking opportunities to bolster its product portfolio, the company said in a filing to the Hong Kong Stock Exchange.</p>
<p>The company has also been looking to diversify its revenue stream to increase the contribution of sales from overseas markets, and expects &#8220;significant growth opportunities&#8221; for Argon Medical&#8217;s products in China.</p>
<p>Privately-held Argon Medical makes and sells single-use speciality medical devices for procedures. Its product portfolio mainly consists of biopsy products, vascular clot management devices and drainage catheters, among others.</p>
<p>Weigao Group said Argon Medical would be able to benefit from the Chinese company&#8217;s sales and marketing network and in particular its extensive hospital and distributor coverage to expand its business into smaller cities in China.</p>
<p>For the purpose of the acquisition, a joint venture has been formed by Weigao International, which is a wholly-owned unit of Weigao Group, and a Cayman Island-incorporated company that is owned by a private equity firm engaged in investment management.</p>
<p>Weigao International owns 90 percent of the joint venture, while the unnamed partner will hold the remaining stake.</p>
<h4><em>Reuters</em></h4>


China's Shandong Weigao Group Medical Polymer Co Ltd has agreed to acquire US-based and unlisted Argon Medical Devices Holdings Inc for $850 million.

Chinese medical devices maker to buy US-based Argon for $850m

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Chinese medical devices maker to buy US-based Argon for $850m

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