Citic to buy rest of Singapore's Biosensors in S$1.1 billion deal

[SINGAPORE] A private-equity arm of Citic Group Corp. agreed to buy the rest of Singapore-based medical device maker Biosensors International Group Ltd. for about S$1.1 billion. Biosensors shares surged.

Citic Private Equity Funds Management Co, which already controls about 19.6 per cent of Biosensors, is paying S$0.84 a share for the stock it doesn't already own, according to a stock exchange statement today. That price is about 24 per cent higher than Biosensors' last closing price of S$0.68.

Biosensors makes coronary stents as well as other medical devices used during heart surgery and intensive care treatment. The Chinese private-equity firm had bought its stake in Biosensors in November 2013 from Shandong Weigao Group Medical Polymer Co. for $312.3 million, or S$1.05 per share, according to exchange filings.

Citic Private Equity had considered making a bid for Biosensors in 2014, Bloomberg News reported in February last year. Biosensors shares surged as much as 21 per cent to S$0.82 before trading at S$0.81 at 9:11 am in Singapore today.

BLOOMBERG