Fangda and Jia Yuan advise Mindray’s RMB6.65bn medical buy

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Fangda Partners and Jia Yuan Law Offices have acted on the RMB6.65 billion (USD927 million) acquisition deal between China’s leading medical device company Mindray and its smaller counterpart APT Medical in the biggest A-share M&A to date this year.

Aside from being the biggest A-share M&A of the year, the transaction, completed on 29 April, is also the largest in the domestic medical device industry to date.

Partners Leo Lou and Ma Qiang led the Fangda team to advise the Shenzhen-listed buyer, Mindray.

The team included Michael Han and Wang Jin, partners dealing with merger filing, and partner Candy Tang, who advised on supervising funds. Meanwhile, partners Allen Fu and Sophia Feng oversaw compliance matters.

Shanghai-listed APT Medical, an electrophysiology device manufacturer, appointed Jia Yuan’s senior partners Wang Yuan and Zhang Xuan to advise on the deal.

Mindray is now APT Medical’s largest shareholder as it bought 24.61% of equity through its subsidiary Shenzhen Mindray Scientific Holdings and its partner acting in concert.

The purchase was through a transfer by agreements and the waiving of voting rights with three shareholders and seven institutional investors.

Among them, APT Medical’s founder and the largest individual shareholder, Cheng Zhenghui, vowed to give up 10% of his voting rights. Meanwhile, Qiming Venture Partners’ four subsidiaries had transferred shares.

In the past six months amid a weak capital market, some pharmaceutical and biomedical companies have relied on being bought to make returns for early investors. There has also been a wave of cross-border biomedical M&A deals.

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