Citic Private Equity weighs plan to buy medical devices maker Biosensors

Citic Private Equity Funds Management Co, a unit of China state-backed Citic Group, is weighing a plan of taking full control of Singapore-based medical devices maker Biosensors International Group, Bloomberg yesterday reported, citing two people with knowledge of the deliberations.

Citic Group is in talks with several banks about financing for a deal, said the report.

Citic Private Equity had acquired a 22 per cent stake in Biosensors last year from Shandong Weigao Group Medical Polymer Co for $312.3 million, or S$1.05 per share, but the Singapore-listed company has a market value of S$1.5 billion ($1.2 billion) as of its Tuesday closing price.

Founded in 2009, Biosensors develops, manufactures and markets innovative medical devices for interventional cardiology and critical care procedures.

The company currently operates through four business units, cardiovascular unit, which includes the BioMatrix family of drug-eluting stents and the licensing of its proprietary drug-eluting stent technology; cardiac diagnostic unit, which includes the newly acquired advanced medical imaging assets of Spectrum Dynamics: peripheral intervention unit, which includes drug-eluting balloons for the treatment of patients with peripheral arterial disease; and critical care products unit.

But its main product is BioMatrix, a drug-eluting stent used to open blocked arteries, while its BioMatrix Flex stent has been approved for a wide range of indications, including STEMI, acute coronary syndromes and diabetes mellitus.