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Mindray Medical to Acquire Remaining Stake in Dragonbio Surgical for $73M BY ANDREW VAHRADIAN, JULY 7, 2015

Mindray Medical entered into a definitive agreement to acquire the remaining 49% stake in Wuhan Dragonbio Surgical Implant Co. for approximately $72.6 million, valuing the total business at $148.2 million. The transaction will be funded through Mindray's existing cash reserves.

Dragonbio is Chinese manufacturer of trauma, spine and joint medical devices and other surgical products. The company was founded in 2005 and is based in Wuhan, China.

Mindray acquired a 51% stake in Dragonbio in June 2012 for $35.5 million, valuing the company at $69.6 million, or 9.0x 2011 revenues. Management noted that the integration between the two companies has been "well on track" since then.

Mindray anticipates the transaction to close this month and believes the deal will have a non-material impact on its financial results in 2015.

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