China Medical Technologies (CMED) to Acquire HPV-DNA Biosensor Chip and SPR-based Analysis System for $345M

October 7, 2008 7:56 AM EDT

China Medical Technologies, Inc. (Nasdaq: CMED) today announces that it has entered into a definitive asset acquisition agreement with Molecular Diagnostics Technologies Limited to purchase its HPV-DNA Biosensor Chip and Surface Plasmon Resonance based Analysis System for cash consideration of $345 million installments with the final payment to be paid at closing.

The Company expects to use its existing available cash to pay for the Acquisition. The closing of the Acquisition is subject to customary closing conditions and is expected to occur in December 2008 or January 2009. No regulatory approvals are needed for the consummation of the Acquisition.

China Medical Technologies, Inc., a medical device company, engages in the development, manufacture, commercialization, and sale of medical devices and supplies in the People's Republic of China.

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