George Clinical reports that it has signed a sale contract with Hillhouse, a large investment company with extensive knowledge of working with and assisting healthcare enterprises. With significant fresh investment, the purchase will enable George Clinical to maintain its rapid worldwide expansion and leadership in Asia-Pacific clinical research services.
George Clinical has developed over the past few years into a premier APAC-born, international clinical research organisation (CRO) that gives clients access to the world's fastest-growing clinical trial markets. With the acquisition of George Clinical, the company now has a long-term investment and financial support for its mission to provide the best "Science, Service, and Solutions" to its pharmaceutical and biotech clients worldwide.
"Our acquisition by Hillhouse offers George Clinical a tremendous potential to succeed even more in the next stage of our development. Since healthcare is a significant part of Hillhouse's business, there is a good cultural and strategic match, as well as plenty of opportunity for synergy, according to CEO James Cheong. "The future is incredibly exciting for our business, our team, and our clients as we now have a wider platform to continue our crucial goal to improve the health of millions of people worldwide and doing so with much more vigour in our new ownership structure," the company's CEO said.
The goal of Hillhouse, a renowned international investment business made up of operating executives and investment professionals, is to create and collaborate with high-caliber franchises that experience sustained growth. The company invests in businesses at all equity stages and has extensive knowledge of the healthcare sector. Hillhouse has invested internationally for more than 17 years and has financed more than 150 healthcare organisations operating in more than 60 countries in a variety of healthcare sub-sectors, such as healthcare services, pharmaceutical research and development, medical devices, dental, and eyecare. The business is proud of its efforts and dedication to aiding in the treatment of conditions like cancer, immunological problems, cardiovascular illnesses, and eye diseases.
George Clinical's platform has been valued by this deal with Hillhouse, which will also give the business the backing it needs to carry out its growth strategies and tap into the full market potential. This includes extending George Clinical's global reach, extending and diversifying its therapeutic specialties, expanding its service offerings, and investing in systems and procedures to deliver projects more quickly and efficiently. In order to improve George Clinical's exposure to potential high-quality biotech customers globally, Hillhouse hopes to take advantage of its experience and connections in the healthcare sector.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 management of George Clinical had the goal and the vision to create a multinational CRO with roots in Asia that would have a globally applicable model and strategy. According to Sean Carney, Partner at Hillhouse, "This is reflected in the success they have seen, and Hillhouse expects to see this organisation continue to develop and benefit the health of millions of people globally."
"We are thrilled to join with the team at Hillhouse to support our ambitious expansion ambitions," said Glenn Kerkhof, chairman of George Clinical. In addition, we express our gratitude to The George Institute for helping to create an innovative, scientifically driven clinical CRO through our long-standing partnership. With Hillhouse as our new owners, we will be better able to invest in our expansion and become a mid-tier global CRO with a basis in Asia, where the need for clinical trials is expanding at a rapid rate.
The FIRB must approve the transaction.
BofA Securities served as the transaction's primary financial advisor, with Lazard Australia serving as a secondary advisor. On the transaction, Herbert Smith Freehills served as legal counsel.