Singapore-based healthcare firm Novena Global Lifecare announced that it has acquired three healthcare firms based in Taiwan. With the new acquisitions, the company is set to become the largest enterprise health screening operator in Taiwan.
Novena Life Science, a subsidiary of Novena Global Lifecare has increased its stake in Taiwan’s Hexin Health from 20 percent to 50.1 percent. The Singapore-based Novena also acquired a 50.1 percent stake in Taiwan’s Bolian Biotech and Lianwei Biotech respectively. The deal is expected to cost Novena around $10 million.
The three Taiwanese healthcare firms are expected to cater to the needs of approximately 1 million corporate employees by 2020 in the country. With the new acquisitions in Taiwan, Novena’s revenue is also expected to increase up to $40 million.
In Taiwan, the law makes it mandatory for employers to provide employees with regular health screenings. With their ability to provide various services at a competitive price, healthcare firms such as Bolian and Lianwei have secured many contracts from various multinational companies to provide their services.
Nelson Loh, co-founder of Novena Global Lifecare told the media, “We think it’s timely to expand our footprint in Taiwan. The acquisitions allow us to take advantage of the growing corporate healthcare screening market, while we can look forward to synergise the services of these three companies for Taiwanese clients and beyond.”
Founded in 2010 by former investment bankers Terence and Nelson Loh, Novena is one of the largest integrated medical healthcare and aesthetic groups in Southeast Asia. It has operations in Singapore, China, Hong Kong, South Korea, Taiwan, Indonesia, India, and Malaysia.
Recently, the company secured a $20 million funding from China’s Sinopharm Capital and Cedarlake Capital.