Biosensors International Group says it has acquired the remaining 50% stake of JW Medical Systems it does not own from Shandong Weigao Group Medical Polymer Company, making JWMS a wholly-owned subsidiary of Biosensors.

The purchase will comprise a cash payment of $160 million; the issuance to Weigao of 260 million new ordinary shares of Biosensors, and the issuance to Weigao of US$120,043,000 ($148.5 million) principal amount of 4% convertible notes due 2014 from Biosensors.

Lu Yoh-Chie, Chairman of Biosensors, says: “Since commercialization of its drug-eluting stents (DES) in early 2006, JWMS has become one of the top suppliers of the local DES market in China. This acquisition demonstrates a joint dedication between Biosensors and Weigao to foster stronger relationships as long-term strategic partners. The market for DES continues to grow rapidly in China and obtaining full ownership of JWMS, Biosensors will instantaneously become a stronger player in this vital market. At the same time, with Weigao as a strategic shareholder of Biosensors and our unique proprietary drug and polymer technologies, we are set to become a major DES supplier in China for many years to come.“

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