NEW YORK (AP) - Chindex International sold $14 million of its shares to another Chinese medical concern as part of its plans to form a new joint venture, the company said.

The medical device maker said in June that it was teaming up with Shanghai Fosun Pharmaceutical Co. Ltd. to manufacture and distribute medical devices in China.

Fosun will buy the shares, giving it a 20 percent ownership stake. The joint venture will operate Chindex's Medical Products division and some of Fosun Pharma's medical device businesses.

Chindex will have a 49 percent stake in the joint venture.

Under the deal, Chindex sold just over 900,000 shares at $15 apiece and will sell another 1.01 million shares to close the deal.

Date: August 27, 2010
Source: Associated Press