BETHESDA, Md., April 29, 2013 /PRNewswire/ -- Chindex International, Inc. (NASDAQ: CHDX, "Chindex"), an American healthcare company providing healthcare services in China, today announced that Chindex Medical Limited ("CML"), its joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd. ("Fosun Pharma"), has agreed to acquire approximately 36.17% of Alma Lasers, Inc. ("Alma") for approximately $53.5 million as part of a purchase by a group of buyers for substantially all of Alma. The buying group, which consists of CML, another subsidiary of Fosun Pharma and the Pramerica-Fosun China Opportunity Fund, would acquire substantially all of Alma indirectly through a jointly-owned entity. The total acquisition price by all buyers for Alma would be approximately $240 million, including indebtedness incurred at the Alma level, without recourse to CML.
In order to help fund the acquisition by CML of its interest in Alma, Fosun Pharma has agreed to invest approximately $41 million in cash in CML for additional equity in CML. Following such investment, CML, which currently is owned 51% by Fosun Pharma and 49% by Chindex, would be owned 70% by Fosun Pharma and 30% by Chindex. In connection with this investment Chindex has waived its participation in such investment and agreed to increase FosunPharma's board seats at CML from four of seven to five of eight.
Alma is a leading global medical energy-based (including lights, laser, radio frequency and ultrasonic) device manufacturer, with a comprehensive product offering and international sales network. Alma has developed leading R & D capabilities globally in the medical and aesthetic equipment manufacturing field and established a global brand in the market segment. Alma has an established record of sustained performance results. In 2012, Alma recorded nearly $100 million total revenue.
Roberta Lipson, President and CEO of Chindex and Director of CML, said, "We are pleased that Fosun Pharma's acquisition of Alma Lasers will benefit our CML joint venture. As a leading aesthetic device manufacturer, Alma is an ideal addition to CML's scope of specialized products and services and the acquisition represents an important step in its growth strategy. We believe the Alma acquisition will contribute significant returns for Chindex and its shareholders over the long term."About Chindex International, Inc. Chindex is an American healthcare company providing healthcare services in China through the operations of United Family Healthcare, a network of private primary care hospitals and affiliated ambulatory clinics. United Family Healthcare currently operates in Beijing, Shanghai, Tianjin, Guangzhou and Wuxi. The Company also provides medical capital equipment and products through Chindex Medical Ltd., a joint venture company with manufacturing and distribution businesses serving both domestic China and export markets. With thirty years of experience, the Company's strategy is to continue its growth as a leading integrated healthcare provider in the Greater China region. Further company information may be found at the Company's website at http://www.chindex.com. About Shanghai Fosun Pharmaceutical (Group) Co., Ltd. Fosunpharma is a leading healthcare company in the PRC and primarily engaged in business segments including pharmaceutical manufacturing, pharmaceutical distribution and retail, healthcare services and diagnostic products and medical devices.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV