China Medical Technologies rises 8.5% on buy of HPV detection system
Shares of China Medical Technologies Inc. (Nasdaq:CMED) rose 8.5% this morning after the company announced it bought an HPV detection system for $345 million.
HPV, or human papillomavirus, causes cervical cancer and sexually transmitted disorders.
Beijing-based China Medical said in a statement issued early this morning that it bought the system from Molecular Diagnostics Technologies Ltd.
The firm said it expects the buy will strengthen its position in the molecular diagnostic market in China and increase its high margin recurring revenue.
By late morning, China Medical is at $30.92, up $2.35 from Monday's close. The stock has traded as low as $25 and $57.50 in the past 52 weeks.
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