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.