HONG KONG and LAKE ZURICH, Illinois, August 12 /PRNewswire/ --
Fenwal, Inc. of Lake Zurich, Illinois, and Golden Meditech (stock code: 801.HK) of Hong Kong, announced today they have agreed to form a joint venture in China to focus on blood collection and transfusion products for the fast-growing Chinese medical market.
The transaction is expected to be completed in early 2010, subject to the signing of a definitive agreement and other customary company and regulatory conditions.
Medical professionals in China are expected to benefit from the combination of Fenwal's technological leadership in blood collection, separation, preservation and transfusion, and Golden Meditech's expertise in China's blood-related medical device and blood-banking fields. Fenwal will own 51 percent of the joint venture and Golden Meditech will own 49 percent.
The joint venture will operate from Beijing and serve customers throughout China. Initially, the joint venture will focus on sales and distribution of a range of Fenwal and Golden Meditech products, including Fenwal's AMICUS(R) system, a cell-separation system used to collect platelets; Golden Meditech's 3000H Plasma Exchange system, which is designed to remove toxins from patients' blood; and related supplies used to collect, process, preserve and transfuse blood and blood components.
Fenwal is a pioneer and leader in advanced blood technologies, said Mr. Kam Yuen, Golden Meditech's chairman and chief executive officer. We're looking to bring together the leadership, knowledge and capabilities of both companies to expand and customize our offerings for blood collection and transfusion medicine in China.
Golden Meditech is a respected medical leader with extensive knowledge of the China market, said Ron K. Labrum, Fenwal's president and chief executive officer. Its people, technologies and infrastructure will complement Fenwal's current offerings in China. Together, we expect to create new opportunities to expand the market for advanced blood technologies that will benefit patients throughout China.
Fenwal, Inc. became an independent company in 2007, but its roots go back to 1949 with the founding of Fenwal Laboratories. Fenwal developed the first flexible, disposable container for blood collection, eliminating complications associated with glass containers and allowing blood to be separated into therapeutic components. Today, the company's products and advanced collection and separation technologies are used throughout the world to help ensure a safe and available supply of lifesaving blood and blood products. Fenwal Inc. is based in Lake Zurich, Illinois. For more information, please visit http://www.fenwalinc.com .
About Golden Meditech
Founded in 2000, Golden Meditech was listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited (HKEX) in December 2001, as the first high-tech medical device enterprise that went public outside of the PRC, and was granted the main board listing in June 2009. During the past few years, thanks to its great efforts in innovation and market expansion, as well as its first-mover abilities in emerging markets, Golden Meditech's medical devices, cord blood banking services and natural herbal medicines have established leading positions. Going forward, Golden Meditech will continue its pursuit of becoming China's leading integrated medical group through organic growth, acquisitions and strategic investments. For more information, please visit http://www.goldenmeditech.com .
For Golden Meditech Dennis Haikuan Lu +852-3605-8138 firstname.lastname@example.org For Fenwal, Inc. Tanya Tyska +1-847-550-2732 Tanya.Tyska@fenwalinc.com Geoffrey Fenton +1-847-550-2321 Geoffrey.Fenton@fenwalinc.com
SOURCE: Golden Meditech; Fenwal, Inc.
For Golden Meditech - Dennis Haikuan Lu, +852-3605-8138, or email@example.com; or For Fenwal, Inc. - Tanya Tyska, +1-847-550-2732, or Tanya.Tyska@fenwalinc.com, or Geoffrey Fenton, +1-847-550-2321, or Geoffrey.Fenton@fenwalinc.com