International Finance

Novena, Sinopharm form $150 mn China-Singapore healthcare fund

China Singapore healthcare fund for Southeast Asia
Fund will invest in medical services, biomedical projects, and mature drugs companies

Singapore-based healthcare firm Novena Global Lifecare along with Chinese healthcare private equity firm Sinopharm Capital and investor Cedarlake Capital are planning to raise a $150 million China-Singapore healthcare fund with a focus on Southeast Asian markets.

The newly created China-Singapore healthcare focused fund will invest in a portfolio of companies dealing with medical services, matured drugs, biomedical projects, and also precision medicine.

Chinese healthcare private equity (PE) firm Sinopharm Capital and investor Cedarlake Capital have also jointly invested $20 million in Novena Global Lifecare.

Wu Aimin, President of Sinopharm Capital is optimistic about the Southeast Asia medical aesthetics market. He said the Singaporean company is one of the largest medical aesthetics enterprises. He lauded their capacity to manage 250 clinics and sales centers across the globe.

“Sinopharm Capital has abundant resources in China’s pharmaceutical industry, which can help Novena develop the Chinese medical aesthetics market, broaden business channels and access China’s healthcare market worth more than $600 billion,” Wu Aimin told Deal Street Asia.

Novena Global sees the new partnership as an opportunity to expand in China, benefitting from Sinopharm’s expertise in China’s healthcare sector development as well as making use of the already existing distribution networks.

Co-founded in 2010 by cousins and investment bankers Nelson Loh and Terence Loh, Novena Global Lifecare is a subsidiary of DORR Group, a private investment company focusing on the technology and healthcare sectors in Asia.

Nelson Loh, executive chairman and co-founder of Novena Global Lifecare, told the Business Times that the company will focus on building partnerships, acquisitions, and collaborations to create a pan-Asian medical ecosystem.

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