MicroPort Cardiac Rhythm Management (CRM) has entered into definitive agreements in connection with its Series C financing with total investment proceeds of US$150 million.
Hillhouse Capital Group and MicroPort will co-lead the Series C investment and will invest US$20 million and US$47 million, respectively. Six new investors that will invest an additional US$83 million in capital include CICC, Country Garden Venture Capital (CGVC), YongRong Asset Management, L Squared Private Management, E Fund Management, and Wanhui Capital.
After the completion of this transaction, MicroPort will continue to be the majority shareholder of MicroPort CRM. The financing is expected to close in early August 2021, subject to customary closing conditions.
Originally acquired in April 2018, MicroPort CRM designs, develops, and markets solutions for the management of heart rhythm disorders, such as implantable pacemakers and defibrillators, as well as heart failure through cardiac resynchronisation therapy (CRT). Headquartered in Clamart, France, MicroPort CRM has dedicated R&D teams in Clamart and Shanghai, China and manufacturing facilities in France, Italy, the Dominican Republic and China. Currently MicroPort CRM employs approximately 1,100 employees globally.
Benoit Clinchamps, president of MicroPort CRM, said: “MicroPort CRM continues to grow its global revenue and advance its product pipeline to bring the best CRM technologies to treat patients affected by heart arrhythmias worldwide. We are excited about the growth opportunities that can be accessed in the next few years through this investment capital.”