SAN DIEGO, July 30, 2015 /PRNewswire/ -- ResMed (NYSE:RMD) today announced it has signed a definitive agreement to acquire Curative Medical, a privately-held leading provider of non-invasive ventilation and sleep-disordered breathing medical devices and accessories.
"Curative's strong clinical, innovation and market reputation in China, combined with ResMed's global leadership in sleep and respiratory medicine, will help many millions of people in China suffering from sleep-disordered breathing and chronic obstructive pulmonary disease," said Mick Farrell, CEO of ResMed. "By partnering with Curative we will jointly invest to accelerate our growth while improving patient quality-of-life and reducing total healthcare system costs in China. This is all part of our global goal of improving 20 million lives by 2020."
On completion of the transaction, ResMed China and Curative Medical will retain their operational independence and continue to invest in R&D, manufacturing, marketing and sales teams in China. Curative will maintain its name, brands, and innovative offerings tailored for the Chinese market and other global markets. Curative's vascular catheter business is not included in the transaction. Curative employees, including the founder and chief executive officer, Jason Sun, will continue as members of the combined ResMed and Curative team.
"We are very happy to join with ResMed to help even more people who suffer from sleep-disordered breathing or chronic respiratory diseases," said Jason Sun, chairman and CEO of Curative. "Curative has a history of using the best global and Chinese technologies in a locally Chinese manufactured product. Together with ResMed we will leverage global and local operating expertise to improve many more lives in China and to reinforce ResMed's strength in the respiratory space globally."
Financial terms of the transaction were not disclosed. The acquisition is subject to customary closing conditions and is expected to close before the end of calendar year 2015. ResMed will discuss the transaction during its Q4 2015 earnings conference call webcast at 1:30 p.m. US Pacific Time on July 30, 2015.
Founded in 2008, Curative has its manufacturing base in Suzhou, China, offices in Beijing, Germany and the United States, and a distributor network throughout China and in other select markets. Curative Medical is a leading China-based innovator, designer, and manufacturer of medical devices for sleep-disordered breathing and chronic obstructive pulmonary disease, and has leveraged its expertise in China to drive its growth in other global markets.
The global team at ResMed (NYSE:RMD) is united in the commitment to change millions of lives with every breath. With more than 4,000 employees and a presence in over 100 countries, the company has been pioneering new and innovative devices and treatments for sleep-disordered breathing, chronic obstructive pulmonary disease, and other chronic diseases for more than 25 years. ResMed's world-leading products and innovative solutions improve the quality of life for millions of patients worldwide, reduce the impact of chronic disease, and save healthcare costs. For more information about ResMed and its businesses, visit www.resmed.com or follow @resmed on Twitter.