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Weigao and Biosensors signed Cooperative Agreements


November 6, Weigao Group and Singapore Biosensors signed Cooperative Agreements atWeihai.

Weigao will sell its 50% drug-eluted stents joint venture shares to Biosensor for 625.4 million Singapore dollars to get 21.6% Biosensor’s equity stake.

The company stated, in the price of $625.4 million, $160 million paid cash byBiosensors, $317.6 million, paid by issuing 260 million Biosensors’s new share,While another $120 million, paid by issuing convertible note.

260 million shares equivalents about 16.2% of theexpanded Biosensors shares. If Shandong Weigao fully exercisetheir convertible note, , the company will eventually hold the Singapore listed company's 21.6% equity stake.

Biosensors mainly engaged in the development and production of cardiology and intensive care medical equipment. So far the company annual net profit is $43.3 million by the end of March 2011

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