(Yicai) July 2 -- Shares of MicroPort Endovascular MedTech Group rose after the Chinese developer of cardiovascular medical devices said it will spend USD65 million to fully acquire Optimum Medical Device, a firm registered in the British Virgin Islands.

MicroPort Endovascular [SHA: 688016] jumped 4.3 percent to CNY101.99 101.99 (USD14.03) a share as of lunch break in Shanghai today, after surging by as much as 11.9 percent in the morning trading session.

MicroPort Endovascular will buy the 72.7 percent of Optimum it does not own, it announced late yesterday. The target company is an asset-holding firm, with its assets including UK unit Lombard Medical and German sales subsidiary Lombard Medical Technologies GmbH, it added.

Shanghai-based MicroPort Endovastec allied with Optimum in 2017, with the former acquiring a 27.7 percent stake in the latter in 2022 by buying stock from one of the original shareholders and private placements, deepening the pair's tie-up.

Lombard Medical, the core asset of this transaction, focuses on the research, development, and production of aortic stents, MicroPort Endovascular noted. Its products have been sold in 23 countries, with over 20 years of marketing in Europe, the United States, Japan, and other developed regions.

Lombard Medical was delisted from Nasdaq in November 2017, while its liquidation and restructuring in 2018 resulted in Optimum, MicroPort Endovascular pointed out. With the rebound of product demand, Optimum's operating performance has been recovering and the firm will likely turn a profit this year, it added.

The transaction will help strengthen MicroPort Endovascular's leading position in the aortic intervention medical device market and improve the innovation and R&D of aortic vascular stents, according to the company.

MicroPort Endovascular's net profit will likely jump 40 percent to 50 percent to between CNY391 million and CNY419 million (UDS53.8 million and USD57.6 million) in the six months ended June 30, the firm forecast in a separate announcement yesterday. Its operating revenue is expected to rise 25 percent to 30 percent to between CNY777 million and CNY808 million thanks to increased sales of its main cardiovascular stents and other auxiliary devices.

Editor: Martin Kadiev