China Pioneer Pharma Holdings, a medical device distributor, paid $33.2 million for a 15% stake in Australia’s Paragon Care, a medical device maker. The two companies plan to cross-sell products in their respective markets. Paragon said it would use the cash to fund acquisitions of healthcare businesses in Australia and New Zealand. Pioneer has not previously been involved in the Australia or New Zealand drug distribution markets.
Source: China Biotoday
