On the evening of July 3, Runda Medical announced that it would acquire a 45% stake in Hangzhou Yidan Biotechnology Co., Ltd. (hereinafter referred to as “Yidan Bioâ€) for RMB 216 million, and will become its largest shareholder after the completion of the acquisition. And half a month ago, Runda Medical just passed the acquisition of Canada's POCT diagnostic company Response Biomedical Corp (hereinafter referred to as "RBM").
The two acquisitions in the past month show the strong expansion intention of Runda Medical in the in vitro diagnostic market. Not only Runda Medical, according to incomplete statistics, in the first half of this year, there were five acquisitions in the field of in vitro diagnostics.
However, some industry insiders believe that the "Daily Economic News" reporter believes that because the domestic medical system is significantly different from foreign countries, if there is no policy introduction, the long-term driving force of the in vitro diagnostic market development will not be optimistic.
Foreign domestic two consecutive purchases
On the evening of July 3, Runda Medical announced that it intends to use the self-raised funds of 216 million yuan to transfer 45% of Yidan Biological held by Yihe Investment in cash. After the transfer is completed, Ruida Medical will hold It has a 45% stake in Yidan Bio and becomes its largest shareholder.
It is understood that the main products of Yidan Biological are in vitro diagnostic microbial products. In 2015, the sales revenue was 211 million yuan and the net profit was 8.738 million yuan. For this transaction, the management of Yidan Biotech also made a commitment to the performance.
Yidan Bio is committed to a net profit of not less than RMB 40 million in 2016 and an annual growth rate of not less than 20% in the next two years. If the net profit in the next two years is lower than 92% of the current commitment, Yihe Investment will be in cash. Way to compensate Runda Medical.
On the evening of July 4, Runda Medical issued a supplementary announcement saying that if Yidan Bio's actual net profit in 2016 is lower than the 2016 promised net profit, it is higher than 92% of the 2016 promised net profit (ie 36.8 million yuan), or 2016. The actual net profit for the year is higher than the 2016 commitment net profit but lower than 108% of the 2016 commitment net profit (ie 43.2 million yuan), and the investment valuation remains unchanged.
At the same time, if Yidan Bio's actual net profit in 2016 is higher than the 108% of the 2016 promised net profit, it will exceed the 108% of the 2016 committed net profit, and the management in Yidan Bio will continue to be rewarded in cash.
On July 4th, Runda Medical related person told the reporter of “Daily Economic News†that the company started from Shanghai and mainly covered Jiangsu, Zhejiang and Anhui. Due to the relatively weak situation in Zhejiang, the acquisition of Yidan Bio was also a move in Zhejiang.
According to the Southwest Securities Research Report, considering that Yidan Bio has been focusing on in vitro diagnostic microbial products for more than ten years, the synergy between the acquisition and Runda Medical is obvious, mainly reflected in the regional synergy to achieve scale effect and enrich the microbiology solution. On the other hand, it will effectively enhance the core competitiveness of Runda Medical's whole package business services. At the same time, this is the first step in the expansion of Runda Medical after its listing, and its expansion is expected to continue.
Half a month ago, Runda Medical also announced that it intends to acquire approximately 43.1% of the shareholders' equity of Canadian RBM Company for no more than US$6 million. RBM specializes in POCT, environmental diagnostics and laboratory diagnostics. The above-mentioned person of Runda Medical told reporters that it will take advantage of RBM's technical advantages and will also focus on the development of the domestic market.
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