SAN DIEGO, July 30, 2015 /PRNewswire/ -- ResMed
(NYSE:RMD) today announced it has signed a definitive agreement to
acquire Curative Medical, a privately-held leading provider of
non-invasive ventilation and sleep-disordered breathing medical
devices and accessories.
"Curative's strong clinical, innovation and
market reputation in China, combined
with ResMed's global leadership in sleep and respiratory
medicine, will help many millions of people in
China suffering from
sleep-disordered breathing and chronic obstructive pulmonary
disease," said Mick Farrell, CEO of ResMed. "By partnering
with Curative we will jointly invest to accelerate our
growth while improving patient quality-of-life and reducing total
healthcare system costs in China.
This is all part of our global goal of improving 20 million lives
by 2020."
On completion of the transaction, ResMed China and Curative
Medical will retain their operational independence and continue to
invest in R&D, manufacturing, marketing and sales teams in
China. Curative will maintain its
name, brands, and innovative offerings tailored for the Chinese
market and other global markets. Curative's vascular catheter
business is not included in the transaction. Curative employees,
including the founder and chief executive officer, Jason Sun, will continue as members of the
combined ResMed and Curative team.
"We are very happy to join with ResMed to help even more people
who suffer from sleep-disordered breathing or chronic respiratory
diseases," said Jason Sun, chairman
and CEO of Curative. "Curative has a history of using the best
global and Chinese technologies in a locally Chinese manufactured
product. Together with ResMed we will leverage global and local
operating expertise to improve many more lives in China and to reinforce ResMed's strength in
the respiratory space globally."
Financial terms of the transaction were not disclosed. The
acquisition is subject to customary closing conditions and is
expected to close before the end of calendar year 2015. ResMed will
discuss the transaction during its Q4 2015 earnings conference call
webcast at 1:30 p.m. US Pacific Time
on July 30, 2015.
About Curative
Founded in 2008, Curative has its manufacturing base in Suzhou,
China, offices in Beijing, Germany and the
United States, and a distributor network throughout
China and in other select markets.
Curative Medical is a leading China-based innovator, designer, and
manufacturer of medical devices for sleep-disordered breathing and
chronic obstructive pulmonary disease, and has leveraged its
expertise in China to drive its
growth in other global markets.
About ResMed
The global team at ResMed (NYSE:RMD) is united in the commitment
to change millions of lives with every breath. With more than
4,000 employees and a presence in over 100 countries, the company
has been pioneering new and innovative devices and treatments for
sleep-disordered breathing, chronic obstructive pulmonary disease,
and other chronic diseases for more than 25 years. ResMed's
world-leading products and innovative solutions improve the quality
of life for millions of patients worldwide, reduce the impact of
chronic disease, and save healthcare costs. For more information
about ResMed and its businesses, visit www.resmed.com or follow
@resmed on Twitter.
ResMed
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SOURCE ResMed Inc.