TIANJIN, China, September 7, 2023 — SINOMED today announced the acquisition of 72.73% equity interest in U.S.-based eLum Technologies, Inc. for USD 20.73 million (approximately RMB 152 million) in self-raised funds. The transaction marks SINOMED’s strategic entry into the neurointerventional device market and the establishment of a “Coronary + Neurointerventional” dual-driver business platform.
eLum Technologies, Inc. was incorporated in Delaware, USA in 2015. The company is engaged in the research, development, production, and commercialization of neurointerventional medical devices, with two core pipeline products: a distal embolic protection system and a flow diverter. eLum’s founder is the inventor of the first FDA-approved flow diverter in the United States, with over 30 years of experience in the neurointerventional field.
Prior to the transaction, eLum’s shareholding structure consisted of Decheng Capital (72.73%), M Wealth Limited (9.09%), and Sinomed Sci-tech (18.18%). Following the closing, SINOMED will directly hold 72.73% of eLum and control approximately 90.91% in aggregate, making eLum a controlled subsidiary to be consolidated into SINOMED’s financial statements.
The acquisition consideration of USD 20.73 million corresponds to 72.73% of an overall enterprise value of USD 28.50 million, as determined based on the valuation report issued by Zhongrui Worldunion Asset Appraisal Group Co., Ltd. The transaction does not constitute a connected transaction or a material asset reorganization under PRC listing rules.
This strategic acquisition will accelerate SINOMED’s diversification into the neurointerventional field and create synergies between the company’s existing coronary intervention expertise and the rapidly growing global neurointerventional device market.
About SINOMED
SINOMED is a global medical device company engaged in research, development, production, and commercialization of interventional devices. We are focused on developing first-in-class technologies to target unmet clinical needs in the interventional treatment of coronary, neurovascular and structural heart disease. Our mission is to bring the benefits of medical innovation to more patients worldwide, improving both the longevity and quality of their lives.