Bain Capital of the US will pay $150 million for a majority stake in Asia Pacific Medical Group, a collection of five hospitals and several clinics in China and southeast Asia (see story). The facilities serve both local and international clients. The investment allocates some capital for expansion in China’s largest cities, though details were not disclosed. APMC was founded in 1992 by a group of 35 US-trained doctors, including its chairman, Michael Choy.
Hutchison China MediTech (Chi-Med) (NSDQ: HCM; AIM: HCM) raised $101.5 million by pricing its initial US offering at a disappointing $13.50 per ADS, which is 17% lower than the expected price of $16.33 (see story). The size of the offering was increased from 6.1 million ADSs to 7.5 million, keeping the gross proceeds from the transaction just above the $100 million target. During today’s London trading session, Chi-Med’s ordinary shares also fell 17% as the price of the US offering was announced. In its first hours of US trading, Chi-Med’s stock traded lower to $13.20.
Human Health Holdings, an operator of health clinics in Hong Kong, plans to list on the Hong Kong exchange and raise $13 million (see story). The company will allocate $2 million of the proceeds to open three healthcare centers in Shanghai with a partner, China Ping An Insurance, a company with a significant interest in healthcare. Last year, the two companies teamed up to open their first Shanghai clinic. Human Health will use the rest of the money to add six additional clinics in Hong Kong to the 66 it already operates.
Prenetics, a Hong Kong DNA biotechnology firm, raised $10 million in a Series A funding led by China’s Ping An Ventures (see story). Prenetics is developing the iGenes test that makes pharmacogenomics available in the clinic. Based on an individual’s genome, the test identifies the best medicine for a particular disease, avoids those that would cause an adverse reaction, and guides dosing levels. The test, according to Prenetics, avoids the “trial and error” method of prescribing medicines.
