Neusoft's wholly-owned subsidiary, Neusoft Medical Systems, has signed agreements with Philips on the equities and assets transfer, intellectual property rights, contracted manufacturing and supply, components supply, customer service and support of Philips & Neusoft Medical Systems (PNMS). According to the agreement, Neusoft will acquire 25% equities in PNMS held by Philips, and become the holding company of the original joint venture (JV).
PNMS was jointly established by Neusoft and Philips in 2004. Neusoft and Philips held 49% and 51% equities in PNMS respectively. Upon the completion of the transaction, Neusoft will hold 74% equities in PNMS, and therefore become the holding company of PNMS. In addition, Philips will purchase part of the equipments, instruments and prototypes related to the development and pilot production of CT systems and high-voltage CT generators. Also, some staff for R&D and manufacturing of CT system and high-voltage CT generators will be transferred from PNMS to Philips.
After the completion of the transaction, Neusoft and the original JV will continue their businesses in R&D, production and sales of medical systems, such as CT scanners, MRI, X-ray apparatus, ultrasonic diagnosis apparatus. Additionally, Neusoft and Philips will maintain a partnership based on the previous co-operation between both sides. In terms of the intellectual property rights, Neusoft and Philips will both share the intellectual property rights of PNMS by means of co-ownership and licence, while Philips will allow both Neusoft and the original JV to use its background intellectual property rights within the current scope.