A wholly-owned subsidiary of Shenzhen-listed medical equipment maker Blue Sail Medical has raised its registered capital by 900 million yuan ($126.7 million) at a pre-money valuation of 4 billion yuan ($563.1 million).
The subsidiary — Beijing Lanfan Bosheng — owned by Blue Sail Medical and Bluesail New Valve Technology HK, specialises in the production of cardiovascular and neurovascular medical devices.
The Beijing-registered firm roped in three strategic investors, including a 3-billion yuan ($422.4 million) healthcare-focused private investment in public equity (PIPE) fund managed by Huagai Capital; and Linkong Private Equity Fund Management, an investment unit under state-owned Hebei Linkong Group, according to an exchange filing.
As a holding company, Lanfan Bosheng holds a controlling stake in Switzerland-based New Valve Technology, which manufactures interventional valve products for structural heart diseases; as well as Singapore-based medical device firm Biosensors International Group, among others.
The fresh proceeds will continue to support the firm’s global expansion in the areas of cardiovascular and neurovascular medical devices, per the release.
The transaction comes at a time when Chinese medical device companies have been gaining more investor attention — a total of 59 companies in the sector raised $511.7 million in Q3 2023, according to DealStreetAsia’s proprietary data. The combined investment proceeds went up 58% compared to the same period last year; while the deal count doubled.