Chinese medical device company acquires German technology
Chinese medical device manufacturer MicroPort Scientific Corporation has acquired German company Hemovent in a deal worth up to EUR 123 million.
A German-based team from Freshfields Bruckhaus Deringer provided legal advice to Shanghai-headquartered MicroPort on the deal, which made the purchase through its Dutch-based MicroPort Surgical subisidary.
Hemovent produces extracorporeal life support (ECLS) systems, otherwise known as extracorporeal membrane oxygenation (ECMO) technology, to customers in Europe. The technology is used for the transport and field rescue of patients
“MicroPort Surgery has been actively expanding its product portfolio into the intensive care field,” said Zhiguang Cheng, MicroPort Surgery senior vice president, in a statement.
Cheng added that it would seek approval for Hemovent’s products in the United States and China, “so that this innovative product can also benefit Chinese patients as soon as possible”.
With an ECMO market reportedly worth USD 500 million in 2020 and with demand increasing due to the Covid-19 pandemic, MicroPort will hope to capitalise on increasing opportunities for this technology, particularly in China.
Hemovent chief executive Christof Lenz, added that the Chinese company “can leverage Hemovent’s team efforts with its profound resources, industry expertise and global reach in order to raise our unique technology to the next level”.
He anticipated “a significant scale up of business activities” at the German company’s Aachen headquarters, as well as in its international distribution.
The German Federal Ministry for Economic Affairs and Energy has approved the deal.
MicroPort Surgery senior vice president Seung-Kyun Yue commented: “The products and technologies of Hemovent will complement the current portfolio of critical care solutions of MicroPort. The ‘European Triangle’ of R&D and production centers in France, Italy and Germany, is a long-term strategic layout of MicroPort to deeply explore the European market.”
Freshfields lawyers based in Frankfurt, Hamburg, Berlin and Düsseldorf worked on the deal, led by corporate partner Heiner Braum and antitrust and trade partner Frank Röhling, and joined by regulatory counsel Sascha Arnold and associates Friedrich von der Heydt, Panagiota Kavvada, Marius Scherb, Philipp Lehmann, Till Burmeister, Marie-Theres Urban, Lara Steinbach, Hendrik Bier and Katharina Reinhardt.
Financial advice was provided by William Blair.
LUTZ ABEL advised Hemovent shareholders, while TRENZ Attorneys advised Hemovent.
Gloss