LAKE ZURICH, Ill. and HONG KONG, March 8, 2011 /PRNewswire-Asia-FirstCall/ -- Fenwal Inc. of Lake Zurich, Illinois, and Golden Meditech Holdings Limited (stock code: 801.HK; 910801.TW) of Hong Kong announced today they have entered into a definitive agreement to form a joint venture in China that will sell advanced products and technologies for blood collection, storage and transfusion.
The joint venture is expected to be formed later this year after receiving customary commercial and regulatory approvals. The expected name of the new company will be Fenwal Jingjing Medical Technologies Ltd. (Fenwal Jingjing). Fenwal will own 51 percent of the new venture and Golden Meditech will own 49 percent.
Fenwal Jingjing will bring together advanced blood-collection, separation and storage technologies from both parent companies, and will benefit from the complementary strengths of Fenwal and Golden Meditech. Fenwal has a long history of innovation and leadership in blood technologies worldwide. Golden Meditech has expertise in serving China's unique and fast-growing health-care sector, with leadership in cord-blood banking and hospital services as well as medical-device development, manufacturing and distribution.
The joint venture will maintain an existing Fenwal office in Shanghai and establish a new operating subsidiary in Beijing, from which it will serve customers throughout China. Initially, Fenwal Jingjing will sell and distribute two key products: the Fenwal Amicus® blood-cell separator, a system used to collect platelets and other blood components such as stem cells; and the 3000H plasma exchange system, which removes toxins from the blood and was developed by a Golden Meditech subsidiary, Beijing Jingjing Medical Equipment Co. Ltd. The joint venture also will distribute related supplies and medical accessories to blood banks, cord blood banks and other medical institutions.
"Fenwal is a global pioneer and leader in advanced blood technologies," said Mr. Kam Yuen, Golden Meditech's chairman and chief executive officer. "Our combined strength and experience will facilitate the advancement of blood collection and transfusion medicine in China, while offering solutions that are tailored to the Chinese medical sector to better serve patients. This agreement is an important milestone and it's a great honor to forge this joint venture with such an excellent partner."
"Golden Meditech has quickly established a leading position in China for medical technologies and services," said Mr. Ron K. Labrum, Fenwal president and chief executive officer. "This is an important collaboration that expands our product offering, provides new resources for growth and innovation, and makes us a more attractive partner for other medical companies looking to enter into or accelerate growth in China."
The two companies had previously announced their intent to form a joint venture under a framework agreement signed in 2009.
Fenwal, Inc. is a global medical technology company dedicated to ensuring the continued availability, safety and effectiveness of blood - medicine's most vital natural resource. Fenwal offers the broadest range of products for the automated and manual collection, filtration, separation, storage and transfusion of blood and its components. The company was founded in 1949. Today, Fenwal products and advanced blood technologies are used to help treat patients on six continents. Fenwal, Inc. is based in Lake Zurich, Illinois. For more information, please visit www.fenwalinc.com.
About Golden Meditech
Golden Meditech Holdings Limited is China's leading integrated healthcare device and service provider, and the first medical device company that is publicly listed outside of the PRC on the Stock Exchange of Hong Kong Limited (HKEx). Golden Meditech is a first-mover in China, having established leading positions in medical devices and healthcare services over the years, thanks to its strengths in innovation and commercial expertise and the ability to identify and realize emerging market opportunities. Going forward, the group will continue to pursue a leading position in niche market segments in China's healthcare industry both through organic growth and strategic expansion. For more information, please visit www.goldenmeditech.com.
SOURCE Golden Meditech; Fenwal, Inc.