A consortium led by Asia-focused personal fairness powerhouse Hillhouse Capital has invested 3.5 billion yuan ($512 million) in MicroPort MedBot, the surgical robotic resolution unit of medical gadget developer MicroPort.
The funding consists of three tranches.
Within the first tranch, the dad or mum firm will switch 7.14 per cent of the registered capital in MicroPort MedBot to the traders for 1.5 billion yuan ($219 million). Subsequent, asset supervisor Shanghai Changlong, an current shareholder in MicroPort MedBot, will promote 2.38 per cent of the agency’s registered capital to the identical traders for 500 million yuan ($73 million). Within the last tranch, the investor consortium will contribute a further 1.5 billion yuan to the subsidiary, MicroPort stated in a submitting to the Hong Kong Inventory Trade (HKEX) on September 1.
Apart from Hillhouse, the consortium consists of Chinese language different asset supervisor CPE; Biolink Capital, which primarily makes fairness investments within the medical sector; Grand Flight Funding, owned by Hong Kong-listed monetary companies establishment Far East Horizon; and Guangzhou-based fund supervisor E Fund.
“The surgical robotic system has main strategic significance with respect to the event of distant, exact, minimally invasive, customised, and clever procedures,” stated Martin Solar, chairman of MicroPort MedBot, in a press release. “This spherical of financing will carry needed monetary assist for the regular itemizing, large-scale industrialisation, and advertising of the corporate’s surgical robotic options,” he added.
Upon completion of the transactions, MicroPort MedBot’s post-money valuation will attain round 22.5 billion yuan ($3.29 billion). MicroPort’s stake within the subsidiary will fall from virtually 64.76 per cent to 53.77 per cent.
Based in 2014, MicroPort MedBot develops clever surgical robotic methods and options. Its present enterprise covers 5 segments, together with endoscope, orthopaedics, vascular intervention, pure orifice, and percutaneous puncture.
The agency has three flagship methods that had been gained entries into the “Inexperienced Channel” programme, for revolutionary medical gadgets, of China’s Nationwide Medical Merchandise Administration (NMPA). It claims to have over 250 home and worldwide patents.
The dad or mum firm focuses on the event, manufacturing, and advertising of high-end medical gadgets. It was established in 1998 and raised HK$1.54 billion ($199 million) in an preliminary public providing (IPO) in Hong Kong in 2010.
Bloomberg reported in March, citing sources, that MicroPort picked Citigroup Inc and JPMorgan Chase & Co to rearrange a separate itemizing of its coronary heart valve alternative enterprise, MicroPort CardioFlow Medtech, in Hong Kong as early as this 12 months. The unit had raised about $130 million in a pre-money valuation of $1.1 billion from traders together with Hillhouse Capital, CPE, Lake Bleu Capital, and 3H Well being Funding Fund I in April 2020.