KUALA LUMPUR, Dec 9 (Bernama) -- George Clinical, an Australia-headquartered global clinical research organisation (CRO), has entered into a sale agreement with Hillhouse, a global investment firm with deep experience in partnering with and supporting healthcare businesses.
The transaction will allow the CRO to continue a path of rapid global expansion and leadership in Asia-Pacific clinical research services while providing considerable new investment, George Clinical said in a statement.
Chief executive officer James Cheong said that George Clinical’s acquisition by Hillhouse presents an immense opportunity for the CRO to achieve even greater success in the next phase of its development.
“The path ahead is very exciting for our company, our staff and our clients as we will now have a bigger platform to continue our important mission to improve the health of millions of people worldwide and doing so with much more vigour in our new ownership structure,” he added.
This transaction with Hillhouse validates the value of the platform that George Clinical has built and will provide the company with the necessary support to drive its growth plans and maximise full market potential.
“This includes the expansion of the George Clinical global footprint, the extension and diversification of therapeutic expertise, the broadening of service offerings, and investment in processes and systems for greater efficiencies in project delivery,” George Clinical said.
The George Institute will hold a minority stake in George Clinical following the acquisition and will maintain a collaboration in applicable scientific areas such as in the Global Kidney Patients Trials Network (GKPTN).
The transaction is subject to Foreign Investment Review Board approval.
BofA Securities acted as lead financial advisor on the transaction and Lazard Australia acted as co-advisor. Herbert Smith Freehills acted as legal advisor on the transaction.
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