cel healthcare fund to acquire stake in lifetech from medtronic
china everbright limited(“cel", stock code: 165.hk) announced today that it had entered into a definitive agreement with medtronic through its healthcare fund to acquire a substantial portion of the equity stake of lifetech scientific co., ltd. ("lifetech ", stock code: 1302.hk) held by medtronic. following completion of the transaction, cel will become the single largest shareholder of lifetech.
cel is dedicated to investing in the healthcare sector. it has invested in dozens of healthcare companies through the funds under its management in the area of pharmaceutical, ivd, medical devices, healthcare services and senior care in both china and globally. lifetech is a leading cardiovascular device company in china and has a wide range of products for the treatment of various cardiovascular diseases. the investment in lifetech conducted by cel healthcare fund team will further strengthen cel’s investment in medical device industry.
mr. fu feng, head of cel healthcare fund, commented, “we recognize medtronic's contribution to product line expansion, internationalization and quality control system of lifetech in the past five years. cel and lifetech management will continue to build our long-term strategic relationship with medtronic. we will also leverage resources of cel to fully support the sustainable development of lifetech.”
“since 2012, medtronic and lifetech have been trusted partners, helping to better serve patients and clinicians in china and globally. while medtronic is selling its shares in lifetech, we will continue this partnership, providing technical, manufacturing, quality and regulatory support, and will continue to look for future opportunities to expand our collaboration,” said chris eso, vice president of corporate development at medtronic.
