May 28 2013
Biosensors International Group, Ltd. ("Biosensors" or the "Company", Bloomberg: BIG SP; Reuters: BIOS.SI; SGX: B20), a developer, manufacturer and marketer of innovative medical devices, today announced the completion of its acquisition of substantially all assets of Spectrum Dynamics, a leader in advanced functional assessment technologies, including those used to evaluate patients for cardiac interventions.
The deal consideration is approximately US$51 million, with potential earn-out payments upon fulfilling certain performance criteria. Under the terms of the deal, the two companies will also create a joint venture aimed at developing future non-cardiac applications. Biosensors expects the transaction to have minimal impact on its 2014 fiscal year financial results, with the potential to be moderately accretive to its earnings in the following fiscal year.
"The capacity to uncover and diagnose reversible ischemia prior to catheterization with precision has turned into an essential issue in the treatment of cardiovascular disease. Spectrum Dynamics' advanced imaging systems will facilitate doctors to more effectively establish the appropriate course of treatment for their patients," said Prof. Shlomo Ben-Haim , Co-Founder and Chairman of Spectrum Dynamics. "Biosensors is one of the leading developers of drug-eluting stents. By becoming part of Biosensors' growing family, we hope to actively contribute towards its future growth potential by exploring more opportunities and applications together for better diagnostic solutions for patients."
Dr Jack Wang , CEO of Biosensors said, "We are pleased to have completed this acquisition. With substantially all assets of Spectrum Dynamics under the ownership and management of Biosensors, we are well-positioned to further increase our presence in the global cardiovascular interventional field with this exciting cardiovascular diagnostic technology. We look forward to working closely with the elite team from Spectrum Dynamics. Together, we will continue to expand Biosensors' product offering and build the company into a world class medical device enterprise."
For Biosensors International Group, Ltd
Mr. Wong Teck Yenn
Director, Investor Relations
Tel: (65) 6213 5777
Email: [email protected]
Source: http://www.biosensors.com