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Boston Scientific, Frankenman strike deal for China market

Source:Ringier Medical Release Date:2015-04-16 454
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The partnership will boost the adoption of less-invasive endoscopy technologies in China
LEADING global medical device company Boston Scientific Corporation (NYSE: BSX) has recently entered into a strategic alliance with Frankenman Medical Equipment Company. The partnership will enable both companies to broaden the adoption of less-invasive endoscopy technologies in China. It will reach more clinicians and patients through the provision of access to training on less-invasive endoscopic technologies and the clinical and economic benefits of these therapies. 
 
The companies will also collaborate in developing and manufacturing products in China to serve the local market. Further, they will jointly commercialize selected products in China.
  
Under the terms of the agreement, Boston Scientific will become a shareholder of Frankenman, a recognized leader in the China surgical devices market. The former will provide services and expertise to Frankenman to support its continued growth, development pipeline, and manufacturing capabilities. The transaction is expected to close in the first half of 2015 subject to customary closing conditions. 
 
In alignment with the partnership, CPE China Fund, an entity of CITIC PE and a shareholder of Frankenman, will continue to support the company's growth.
 
Warren Wang, Boston Scientific Greater China managing director and vice president, noted that more than 1 million bile duct stone removal procedures are performed as open surgeries in China each year. 
 
"While less invasive endoscopic procedures can lead to better patient outcomes and reduced healthcare costs, access to these procedures is extremely limited. We are excited to cultivate this relationship and leverage Frankenman's local market expertise in China, while simultaneously sharing our proficiency in the endoscopy market to deliver the improved patient outcomes and economic benefits of less invasive care," Mr. Wang stated. 
 
Weng Zhiqiang, Frankenman founder and chairman, said: "We are excited to collaborate with Boston Scientific, a global medical technology leader, and ensure patients and physicians in China will have access to the minimally invasive solutions. The support from Boston Scientific will help Frankenman further accelerate its development and penetration of the market."
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