China’s Mindray Medical (revenues US $1B) has announced it has acquired Australian distributor Ulco Medical for an undisclosed sum. Ulco will be rebranded Mindray Medical Australia and serve as its branch office in Australia.
Mindray operates in three primary areas: patient monitoring, in-vitro diagnostic and medical imaging. Ulco traces its history back to its humble origins as a specialised engineering services company in NSW providing automated ventilators to support patients undergoing anaesthesia.
China’s med tech companies are expanding globally from their initial focus on their Chinese domestic markets. Mindray has pursued first local and then international acquisitions and joint ventures to underpin its growth and its range of products as it seeks to serve western markets.
The message for Australian med-tech companies is that there is a growing interest and potential joint venture, funding and exit opportunities being offered by such companies. Expect to see increasing activity from such globally ambitious groups who not only seek increased market opportunities but are also targeting companies with valuable IP to build their product range.
Mindray is listed on the NYSE (NYSE:MR).