France's bioMerieux buys China's Meikang Biotech

French in vitro diagnostics company bioMerieux says it has acquired the Chinese rapid test manufacturer, Meikang Biotech, and its large production site in Shanghai. Financial terms of the deal were not disclosed.

This important milestone will reinforce bioMerieux' position in the Point of Care and rapid test markets for both emerging and developed countries, the French firm says, and highlights its continued business expansion in fast-growing emerging markets, giving the company fully-owned, integrated manufacturing and R&D capabilities in China.

"With this acquisition, we are gaining a strategic foothold in China, the country that should drive the most growth in the next 10 years, and significant assets to enhance our product offering for Point of Care, a segment with a double-digit annual growth rate. We are now poised to become a major player in Point of Care with manual rapid tests including the QuickVue range and the automated handheld device from our Philips partnership announced last week," said Stephane Bancel, bioMerieux' chief executive. "This also represents a significant step in the globalization of our company: bioMerieux will now have leaders based in three corporate hubs, in Marcy l'Etoile, France, Cambridge, USA and Shanghai, China."