Nissha said its board resolved on 23 January to acquire 60% of USM Healthcare Medical Devices Factory, a Ho Chi Minh City maker of cardiology stents and orthopaedic devices, making it a subsidiary. The price was not disclosed.
Why Nissha Co., Ltd. is buying USM Healthcare Medical Devices Factory JSC
Nissha aims to raise the medical market's share of consolidated net sales to 50% by 2030. It said USM Healthcare's vertically integrated model, from design to regulatory approval and manufacturing, gives it a cost advantage, and that the company would give Nissha a medical-device manufacturing base in Asia from which to expand its contract design, development and manufacturing business across South-East Asia.
Deal terms and financing
Nissha will buy 59.99% of USM Healthcare's issued shares and its local unit Nissha Vietnam the remaining 0.01% of the 60% stake. USM Healthcare was to be classed as a specified subsidiary because its capital exceeds 10% of Nissha's.
Regulatory approvals and timing
Nissha completed the acquisition on 20 May 2026. According to Vietnam Investment Review, Nissha announced on 4 September 2026 that it would transfer all of its USM shares to director Vo Xuan Boi Lam after discovering inappropriate accounting treatments, centred on circular transactions, carried out before the acquisition.
Market context
Founded in October 2012 and based in Saigon Hi-tech Park, USM Healthcare reported net sales of 321.9bn dong and net profit of 1.5bn dong in 2024, down from 552.6bn dong of sales in 2022. Before the deal its main shareholders were Vo Xuan Boi Lam with 48.82% and EastBridge with 25.71%, according to Nissha's disclosure.
