Singapore's Asian American Medical eyes oncology expansion in southern China

Singapore-listed Asian American Medical Group said it paid S$19.6 million ($13.9 million) to buy 60% of Rich Tree Land to develop an oncology diagnostics and treatment center in Zhuhai, southern China. The Singapore firm, specializing in the treatment of liver cancer and radiation oncology, will lead development of a new complex, the Zhuhai-Singapore Life Science Park (Phase 1), according to a press release. The complex will include health-screening, endoscopic and operation services and multi-disciplinary medical consultations. The facility, estimated to cost S$80 million ($56.9 million) upon completion in 2017, will seek to serve patients in nearby Macau and Hong Kong as well. Singapore has grown into a regional cancer treatment hub because of availability of many newer therapies in the market. But this week, China pledged to speed up regulatory approval of oncology and other products and participate more widely in multi-regional clinical trials. Release