HONG KONG and LAKE ZURICH, Ill., Aug. 11 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 inChina 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 thesigning of a definitive agreement and other customary company and regulatoryconditions.
Medical professionals in China are expected to benefit from thecombination of Fenwal's technological leadership in blood collection,separation, preservation and transfusion, and Golden Meditech's expertise inChina's blood-related medical device and blood-banking fields. Fenwal willown 51 percent of the joint venture and Golden Meditech will own 49 percent.
The joint venture will operate from Beijing and serve customers throughoutChina. Initially, the joint venture will focus on sales and distribution of arange of Fenwal and Golden Meditech products, including Fenwal's AMICUS(R)system, a cell-separation system used to collect platelets; Golden Meditech's3000H Plasma Exchange system, which is designed to remove toxins frompatients' blood; and related supplies used to collect, process, preserve andtransfuse 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'relooking to bring together the leadership, knowledge and capabilities of bothcompanies to expand and customize our offerings for blood collection andtransfusion medicine in China."
"Golden Meditech is a respected medical leader with extensive knowledge ofthe China market," said Ron K. Labrum, Fenwal's president and chief executiveofficer. "Its people, technologies and infrastructure will complementFenwal's current offerings in China. Together, we expect to create newopportunities to expand the market for advanced blood technologies that willbenefit patients throughout China."
Fenwal, Inc. became an independent company in 2007, but its roots go backto 1949 with the founding of Fenwal Laboratories. Fenwal developed the firstflexible, disposable container for blood collection, eliminating complicationsassociated with glass containers and allowing blood to be separated intotherapeutic components. Today, the company's products and advanced collectionand separation technologies are used throughout the world to help ensure asafe and available supply of lifesaving blood and blood products. Fenwal Inc.is based in Lake Zurich, Illinois. For more information, please visithttp://www.fenwalinc.com .
About Golden Meditech
Founded in 2000, Golden Meditech was listed on the Growth EnterpriseMarket of the Stock Exchange of Hong Kong Limited (HKEX) in December 2001, asthe first high-tech medical device enterprise that went public outside of thePRC, and was granted the main board listing in June 2009. During the past fewyears, thanks to its great efforts in innovation and market expansion, as wellas its first-mover abilities in emerging markets, Golden Meditech's medicaldevices, cord blood banking services and natural herbal medicines haveestablished leading positions. Going forward, Golden Meditech will continueits pursuit of becoming China's leading integrated medical group throughorganic growth, acquisitions and strategic investments. For more information,please visit http://www.goldenmeditech.com .For Golden Meditech Dennis Haikuan Lu +852-3605-8138 email@example.com 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.