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China Grand Pharm's JV to buy shares in medical device firm
China Grand Pharmaceutical and Healthcare (00512) said its joint venture
company formed with East Ocean Capital (Hong Kong) Company Limited, an indirect
non-wholly owned subsidiary of controlling shareholder China Grand Enterprises
Incorporation, will subscribe in aggregate 1.04 million preferred shares of
Conavi Medical Inc. at about US$7.5 million.
The target company is incorporated in Canada, and is a medical device company with 
innovative cardiovascular and intravascular imaging technology.
The JV also obtains the twenty years exclusive distribution rights for the products of 
target company such "Foresight ICE" series and "Novasight Hybrid" series in the PRC
mainland, Hong Kong, Macau and Taiwan regions, and is responsible for the clinical trials
and registration work of the related products in the regions.

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