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Sorin SpA and MicroPort Scientific Corp sign joint venture agreement for cardiac rhythm management business in China

Thursday, 9 Jan 2014 05:08am EST 

Sorin SpA:Announces that together with MicroPort Scientific Corporation has entered into a definitive agreement to form a joint venture to market and develop cardiac rhythm management (CRM) devices (implantable pacemakers, defibrillators, cardiac resynchronization devices and related devices) in China.Says MicroPort will hold a 51 percent stake in the joint venture entity, while Sorin will hold the remaining 49 percent interest.Says MicroPort and Sorin shall make initial capital contributions of, respectively, 62,220,000 yuan ($ 10.2 million) and of 59,780,000 yuan ($9.8 million) in cash in the joint-venture company.Says new venture, which will be named MicroPort Sorin CRM (Shanghai) Co. Ltd., will be located in Shanghai and is scheduled to start operations in the first half of the year. 

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22 May 2015