08 March 2018

King & Wood Mallesons advises Yunfeng Fund and MicroPort jointly acquired LivaNova PLC’s cardiac rhythm management business ranking fifth largest in the world

On February 20, 2018, Yunfeng Fund signed the agreement with MicroPort Scientific Corporation ("MicroPort", HK:853), a medical company listed in Hong Kong, jointly acquiring cardiac rhythm management business (CRM business) of LivaNova PLC in the United Kingdom by funding MicroPort Cardiac Rhythm B.V. ("MicroPort Cardiac").

The business mainly includes R&D, manufacture and sale of pacemakers, defibrillators and cardiac resynchronization devices with the purchase price of 190 million U.S. dollars. Upon completion of the acquisition, Yunfeng Fund will indirectly hold 25% of the CRM business through MicroPort Cardiac.

LivaNova was merged by Sorin Biomedical and Cyberonics, the two largest Italian medical device companies in 2015. Its CRM business unit focuses on R&D, manufacture and sale of high-end medical device for identification, treatment and management of arrhythmia and heart failure with 40 years’ industry experience ranking fifth in the world. Through years of growth and innovation, MicroPort has become a premier medical solution provider covering 10 major medical disciplines including interventional cardiology, orthopedics, interventional radiology, electrophysiology, diabetes and endocrine management, surgical management, and others. With the completion of this acquisition, MicroPort will become one of the world's leading suppliers of CRM equipment bringing a strong competition in global market. In addition, with excellent resources from Yunfeng Fund, MicroPort will achieve leaping development in the field of domestic CRM equipment and share the fast-growing dividends in China's CRM market.

King & Wood Mallesons represented Yunfeng Fund and provided full support including communicating and negotiating with MicroPort and their legal team, preparing the transaction documents, and facilitating the signing and delivery. KWM team completed rounds of negotiations with MicroPort team within a relatively short time because of our rich project experience and efficient work and contributed to close the deal smoothly between Yunfeng Fund and MicroPort.

The Project above was led by Partner Zhang Yi and Zheng Hui, and supported by Lawyer Dong Yuting, Zhang Cheng, Wang Ye and Lou Xiaohan.

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