Carlyle-backed Chinese firm Adicon bags $88m funding from Khazanah, others

Adicon Holdings Limited, an independent clinical laboratory in China backed by US global investment firm Carlyle, on Tuesday announced the completion of an $88 million funding round that will help it speed up its diagnostic testing business in the country. 

The latest round, which had reached its first close late last year, was led by Malaysia’s sovereign wealth fund Khazanah Nasional Berhad with the participation of Korean investment firm Mirae Asset Global Investments. 

A host of healthcare driven investors including OrbiMed, Lake Bleu Capital, and Cenova Capital participated in the round. 

Carlyle, which still remains the single largest shareholder in Adicon, had routed the transaction through its fifth Asia buyout fund in 2018. 

Going forward, Adicon plans to use the proceeds to expedite its proprietary testing services, and facilitate its business extension. 

Adicon, which started operation in 2004, is based in Hangzhou city and operates 24 diagnostic laboratories across the country. It develops innovative diagnostic testing services and solutions and has tie-ups with over 10,000 business partners such as hospitals, clinics, and contract research organisations. 

Earlier this year, Adicon made headlines when it roped in Meinian Onehealth’s former president Xu Ke as its CEO. 

Carlyle has been investing in China’s healthcare sector for over 20 years. With $13 billion assets under management, Carlyle has fueled nearly 80 startups such as Abbisko and Salubris. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.