China Medical Buys FISH Technology

Beijing, China-based China Medical Technologies has bought the fluorescent in situ hybridization (FISH) technology businesses of Supreme Well Investments Limited and Molecular Diagnostics Technologies Limited, both of New York, NY for $136.8 million.
 
China Medical Technologies, a manufacturer of ultrasound products and in-vitro diagnostic systems, said it purchased the business to develop and commercialize the FISH technology in diagnosing prenatal and postnatal disorders.

FISH is a type of hybridization in which a DNA probe is labeled with fluorescent dye so it can be seen with a microscope.

China Medical Technologies said it will pay an addition $40 million in cash or shares in the company when certain business and financial milestones are met.

The company also said it will hold back $20 million of the initial payment in case of any claims if the companies breach their obligations under the agreement.