Argon Medical Devices is latest US health firm to get dose of Chinese funds

New York

SHANDONG Weigao Group Medical Polymer Co agreed to buy closely held Argon Medical Devices Inc for US$850 million, continuing a string of deals by Chinese companies seeking to gain a foothold in the US healthcare market.

Shandong Weigao made the acquisition through a joint venture with a private equity-backed firm that will control 10 per cent, according to a statement to the Hong Kong stock exchange. The venture will fund US$420 million of the purchase with debt, the company said without identifying the private-equity firm.