Have a look at this deal:    

My son is COO of this business.  Keith is 35 years of age with a PhD in Molecular Biology plus a number of years at Merrill Lynch.

I understand the sale price was very sweet. Seems to be yet another example of many eager buyers when "money has no cost". I am told the Chinese are eager to access Genesis IP. The buyers are also discussing ambitious new business targets for Genesis going forward.  I understand these new business opportunities have already been identified.    

This deal is not one of our Prime Minister's new sexy IT business opportunities.  A message our PM incessantly preaches to the electorate. Perhaps our PM should stop trying to pick winners. There are many areas of the local economy where Australia demonstrates very competitive global business skills.  This includes but is not exclusive to medical services. Sadly this message from our business leaders has been repeatedly and firmly ignored by both the Canberra bureaucracy and our nation's political elite.

Eoin Treacy's view

Thank you for this email and congratulations to your son on playing a pivotal role in such a successful company. I agree we would likely all be better off if politicians left running companies to the companies themselves rather than assuming they have specialist knowledge in areas they have no experience of. 

Chinese private equity firms are often funded by the Chinese state through its sovereign wealth funds and as such reflect a desire to diversify risk out of the Renminbi which has been trending lower for two years and shows no sign of stopping. This article from Bloomberg highlights some of the additional purchases that are going on elsewhere around the globe.

Australia’s high tech sector, which otherwise goes largely unremarked upon, has nonetheless provided globally competitive companies like Cochlear. The share remains in a reasonably consistent uptrend but is somewhat overextended relative to the trend mean at present. 

Elsewhere in the medical devices sector Nanosonics posted a breakaway gap this week but is trading on an aggressive estimated P/E of 2700.