September 26, 2022

Tag: MTC

Market

China Cord Blood Corporation Receives Notice of Transaction Regarding its 7% Senior Convertible Note Due 2017 Held by Golden Meditech

HONG KONG, Aug. 25, 2014 /PRNewswire/ — China Cord Blood Corporation (NYSE: CO) (“CCBC” or the “Company”), China’s leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services, today announced that the Company has been informed that Magnum Opus International Holdings Limited (“Magnum”), a private vehicle that is controlled by CCBC Chairman Mr. Yuen KAM and involves the CCBC management team, together with Cordlife Group Limited (“Cordlife”), a Singapore listed company and substantial shareholder of the Company, have agreed to purchase the Company’s outstanding 7% senior convertible note due 2017 (the “Note”) held by Golden Meditech Holdings Limited (“Golden Meditech”), CCBC’s parent company, for a total consideration of approximately $88.1 million.

The Note was originally issued by the Company to Golden Meditech in 2012 with an aggregate principal amount of $50 million. Magnum and Cordlife are each obligated to purchase 50% of the Note, subject to customary closing conditions and satisfaction of all relevant approvals and consents, including but not limited to the approval of Golden Meditech’s independent shareholders.

About China Cord Blood Corporation

China Cord Blood Corporation is the first and largest umbilical cord blood banking operator in China in terms of geographical coverage and the only cord blood banking operator with multiple licenses.  Under current PRC government regulations, only one licensed cord blood banking operator is permitted to operate in each licensed region and only seven licenses have been authorized as of today.  China Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services.  For more information, please visit our website at http://www.chinacordbloodcorp.com.        

About Magnum Opus International Holdings Limited

Magnum Opus International Holdings Limited is incorporated in the British Virgin Islands. It is controlled by Mr. Yuen KAM, CCBC’s chairman of the Board, and involves the CCBC management team. Mr. Yuen KAM is also the Chairman and Chief Executive Officer of Golden Meditech.

About Cordlife Group Limited (Bloomberg stock code: CLGL SP)

Incorporated in May 2001, Cordlife Group Limited is a multi-product healthcare company catering to the mother and child segment and a leading cord blood and umbilical cord lining banking services provider. Today, Cordlife operates the largest[1] private cord blood banks in each of Singapore, the Philippines and Indonesia, and is amongst the top three market leaders in Hong Kong and India. Cordlife also holds approximately 10.02% and 31.81% stakes in China Cord Blood Corporation and StemLife Berhad respectively, both of which are their countries’ largest cord blood bank operators. For more information, please visit www.cordlife.com.

[1] Source : Deloitte & Touche Financial Advisory Services Limited report, 10 April 2013

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, performance and results of operations, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in statements filed from time to time with the U.S. Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information, please contact:

China Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@chinacordbloodcorp.com

ICR, Inc.
Mr. Bill Zima
Tel: (+86) 10-6583-7511 (China) or (+1) 646-405-5185 (U.S.)
Email: william.zima@icrinc.com

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Market

Golden Meditech Announces the Disposal of Convertible Note Issued by CCBC for over US$88 million

HONG KONG, Aug. 25, 2014 /PRNewswire/ — Golden Meditech Holdings Limited (the “Company” or “Golden Meditech”, 801.HK; 910801.TW), a leading integrated healthcare enterprise in China, announced that it has entered into an agreement to sell its 7% senior convertible note due 2017 in an aggregate principal amount of US$50 million issued on 3 October 2012 by China Cord Blood Corporation (“CCBC”), a non-wholly-owned subsidiary of the Company (“Convertible Note”) to Magnum Opus International Holdings Limited (“Magnum”) and Cordlife Group Limited (“CGL”) for approximately US$88,090,000 (equivalent to approximately HK$682,697,500) in cash (the “Disposal”). Upon completion of the Disposal, each of Magnum and CGL will hold 50% of the Convertible Note.

Magnum is a private vehicle controlled by Mr. Kam Yuen, Chairman and Chief Executive Officer of the Company and Chairman of CCBC, and involves the CCBC management team. CGL is a cord blood banking services operator listed on the main board of the Singapore Exchange Securities Trading Limited, which currently owns approximately 10% of the issued shares of CCBC.

Following completion of the Disposal, Golden Meditech’s shareholding in CCBC will remain unchanged at approximately 42.0% and will only be diluted to approximately 33.9% if both Magnum and CGL exercise their rights to convert their Convertible Note into CCBC shares and, accordingly, their respective shareholdings in CCBC would increase by approximately 9.7%.

With mainland China’s healthcare sector continues to be driven by the government’s healthcare reform, Golden Meditech believes the Disposal would strengthen its financial position and liquidity, enhancing its ability to fund its potential acquisitions or expansion of its existing healthcare related businesses in mainland China.

The transaction is subject to Golden Meditech and CGL obtaining all relevant approvals and consents, including but not limited to the approval of Golden Meditech’s independent shareholders. An Extraordinary General Meeting (“EGM”) will be convened to consider and approve the transaction and a circular containing details of the Disposal and a notice of EGM are expected be dispatched to the shareholders no later than 16 September 2014.

About Golden Meditech Holdings Limited

Golden Meditech Holdings Limited (www.goldenmeditech.com) is China’s leading integrated-healthcare enterprise. Golden Meditech is a first-mover in China, having established dominant positions in medical devices and healthcare services markets, including cord blood stem cells storage and hospital management, thanks to its strengths in innovation and market expertise and the ability to capture emerging market opportunities. Going forward, the Group will continue to pursue a leading position in China’s healthcare industry both through organic growth and strategic expansion.

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Medical

GETINGE Receives Red Dot Design Award for its Innovative User-interface CENTRIC

GETINGE, Sweden, Aug. 25, 2014 /PRNewswire/ —

Getinge Infection Control has been awarded the prestigious and coveted Red Dot design Award for its innovative user-interface called Getinge CENTRIC. The design of the newly launched user-interface for sterilizers and washer-disinfectors received the jury´s attention, thanks to its user-centric approach and focus on process assurance and safety. 

The Red Dot Design Award is one of the world’s largest design competitions. The international jury judges each of the 7096 entries live and in-situ in sessions running over several days.  

(Logo: http://photos.prnewswire.com/prnh/20140825/703005)

Getinge Infection Control has in the past years developed CENTRIC a new patent pending user interface for washer- disinfectors and sterilizers, used in the Healthcare and Life Science segments. Creating a user interface for equipment in the infection control settings that enables an efficient, safe and intuitive handling required extensive user involvement and research engagement.

Getinge CENTRIC offers a unique guiding interface, showing only the information the operator needs in each situation. The interface is coordinated throughout all Getinge products for recognition and safe use. The aim of the intuitive and guiding interface is to minimize the risk of human error and allow the users to operate the machines with higher confidence and in less time. Another important aim is to support staff in solving errors themselves without lengthy stop in the flow of goods, and to substantially reduce costly training time.

“Winning the Red Dot award for Getinge CENTRIC is recognition that the intuitive user-interface is truly a game changer for our industry. The development of CENTRIC is designed with the user in mind. From this perspective, CENTRIC offers our customers more efficient processing and safer handling of their equipment in an appealing format,” says Anders Grahn, President & CEO for Getinge Infection Control.

In this process Getinge has worked in close cooperation with the Swedish design and innovation agency Lots. This is the second time Getinge Infection Control and Lots wins the Red Dot seal together. Lots has extensive experience and knowledge of developing creative and brand new design solutions that meet people´s needs.

“Getinge CENTRIC is a good example of user centric innovation, where deep user involvement during the development process resulted in a completely unique user interface that supports the staff,” explains Hanna Ljungstrom, Design Manager at Lots.

Media contact:

Anders Grahn
President & CEO
Getinge Infection Control
+46-10-335-56-96

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Market

Abbott to Sell its Developed Markets Branded Generics Pharmaceuticals Business to Mylan

ABBOTT PARK, Ill., July 14, 2014 /PRNewswire/ — Abbott (NYSE: ABT) announced today that it will sell its developed markets branded generics pharmaceuticals business to Mylan for equity ownership of a newly formed entity that will combine Mylan’s existing business and Abbott’s developed markets pharmaceuticals business, and will be a publicly traded company. This represents a value of approximately $5.3 billion based on Mylan’s closing stock price on Friday. The developed markets portion of this business generated approximately $2 billion in sales in 2013. Abbott will retain its branded generics pharmaceuticals business and products in emerging markets. Abbott also retains its other businesses and products in developed markets.   

“This transaction provides Abbott with additional strategic flexibility as we continue to actively manage and shape our portfolio, reflecting our commitment to long-term, durable growth,” said Miles D. White, chairman and chief executive officer, Abbott. “Our branded generics pharmaceuticals business will focus on emerging markets, where demographic changes and increasing access to healthcare are expected to drive sustainable growth.”

Abbott’s Branded Generics Pharmaceuticals Business
Following the closing of the transaction, Abbott’s branded generics pharmaceuticals business will focus in emerging geographies where demographics and growing healthcare systems are combining to create an increased rate of patient access to healthcare and where the majority of healthcare products are paid for by the consumer. The branded generics business that will remain with Abbott generated 2013 sales of $2.9 billion and is expected to have a sales growth rate in the upper-single to double digits.    

Transaction Details and Financial Terms
Under the terms of the agreement, Abbott will sell its developed markets branded generics pharmaceuticals business to Mylan for 105 million shares or approximately 21 percent, on a fully diluted basis, of a newly formed entity that will combine Mylan’s existing business and Abbott’s developed markets pharmaceuticals business, and will be a publicly traded company.

The business to be sold operates in Europe, Japan, Canada, Australia and New Zealand and includes approximately 3,800 employees. It includes a broad portfolio of medicines, as well as manufacturing facilities in France and Japan. Abbott will retain its product portfolio and manufacturing facilities in other geographies as well as its manufacturing facilities in the Netherlands, Germany and Canada.

Following the transaction, which is expected to close in the first quarter of 2015, Abbott expects that its sales growth rate will be 100 basis points higher, and the growth rate of its ongoing net income will be in excess of 200 basis points higher. The ongoing net income associated with Abbott’s developed markets pharmaceuticals business is expected to be approximately $0.22 per share in 2015. Accordingly, Abbott’s ongoing earnings per share from continuing operations is expected to be lower following the close of this transaction by this amount. 

Abbott does not expect to be a long-term shareholder in Mylan and plans ultimately to redeploy the net proceeds from this transaction to opportunities that would be accretive to earnings over time.

In May, Abbott announced the acquisition of the Latin American pharmaceutical company CFR Pharmaceuticals, which is expected to be approximately $0.07 accretive to Abbott’s ongoing earnings per share in 2015. 

Abbott expects to report its developed markets branded generics pharmaceuticals business as Discontinued Operations beginning in the third quarter 2014.

Morgan Stanley advised Abbott on the transaction.

Abbott Conference Call

Abbott will conduct a special conference call today at 8:30 a.m. Central time (9:30 a.m. Eastern time) to provide an overview of the transaction. A live webcast will be accessible through Abbott’s Investor Relations web site at www.abbott.com/investors.html.

About Abbott 
Abbott is a global healthcare company devoted to improving life through the development of products and technologies that span the breadth of healthcare. With a portfolio of leading, science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, Abbott serves people in more than 150 countries and employs approximately 69,000 people.

Visit Abbott at www.abbott.com, and connect with us on Twitter at @AbbottNews.

Cautionary Statements Regarding Forward-Looking Information
This communication contains forward-looking statements that are based on management’s current expectations, estimates and projections. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” variations of these words and similar expressions are intended to identify these forward-looking statements. Certain factors, including but not limited to those identified under “Item 1A. Risk Factors” in the Annual Report of Abbott Laboratories (“Abbott“) on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 21, 2014, as subsequently amended, may cause actual results to differ materially from current expectations, estimates, projections, forecasts and from past results. These forward-looking statements may also include statements regarding the proposed transaction (the “Transaction”) between Abbott and Mylan Inc. (“Mylan”), including the expected timing of completion of the Transaction and anticipated future financial and operating performance and results. These statements are based on the current expectations of management of Abbott. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These risks and uncertainties include (i) the risk that the companies may be unable to obtain regulatory approvals required for the Transaction, or that required regulatory approvals may delay the Transaction or result in the imposition of conditions that could cause the companies to abandon the Transaction, (ii) the risk that the stockholders of Mylan may not approve the Transaction, (iii) the risk that the conditions to the closing of the Transaction may not be satisfied, (iv) the risk that a material adverse change, event or occurrence may affect Abbott and Mylan prior to the closing of the Transaction and may delay the Transaction or cause the companies to abandon the Transaction, (v) the possibility that the Transaction may involve unexpected costs, liabilities or delays, (vi) the risk that the businesses of the companies may suffer as a result of uncertainty surrounding the Transaction, and (vii) the risk that disruptions from the Transaction will harm relationships with customers, employees and suppliers. No assurance can be made that any expectation, estimate or projection contained in a forward-looking statement will be achieved or will not be affected by the factors cited above or other future events.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. Abbott does not undertake, and expressly disclaims, any duty to update any forward-looking statement whether as a result of new information, future events or changes in expectations, except as required by law.

Additional Information and Where to Find it
In connection with the proposed Transaction, a newly-formed Netherlands public limited liability company (“New Mylan”) will file with the SEC a registration statement that includes a preliminary prospectus regarding the Transaction and Mylan will file with the SEC a proxy statement with respect to a special meeting of its shareholders to be convened to approve the Transaction. The definitive proxy statement/prospectus will be mailed to the shareholders of Mylan.  INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ABBOTT’S DEVELOPED MARKETS PHARMACEUTICALS BUSINESS, MYLAN AND THE TRANSACTION.

Investors will be able to obtain these materials, when they are available, and other documents filed with the SEC free of charge at the SEC’s website, www.sec.gov. In addition, copies of the registration statement and proxy statement, when they become available, may be obtained free of charge by accessing Mylan’s website at www.mylan.com/investors or by writing Mylan at 1000 Mylan Boulevard, Canonsburg, Pennsylvania 15317, Attention: Investor Relations. Investors may also read and copy any reports, statements and other information filed by Abbott and Mylan with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room.

Participants in the Merger Solicitation
Mylan and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the Transaction. Information regarding Mylan’s directors and executive officers is available in its proxy statement filed with the SEC by Mylan on March 10, 2014, in connection with its 2014 annual meeting of shareholders. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the registration statement and proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

Non-Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 

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