China Resources teams up with Macquarie on $1.3B buy of GenesisCare


China Resources Group has teamed up with Australian investment bank Macquarie to buy a majority of cancer and cardio medical care provider GenesisCare in a transaction that will face regulatory approval on foreign investment.

The sale, which Reuters said was valued at $1.3 billion, sees private equity firm KKR selling its 45% stake in Sydney-based GenesisCare. Doctors and managers holding the remaining 55% stake that will be sold to China Resources and Macquarie in a fairly complex transaction that needs a nod from Australia's Foreign Investment Review Board and a shareholder vote.

China has encouraged private hospitals to fit out its medical system with newer services and take some of the patient demand strains away from a massive public hospital network.


Simplify and Accelerate Drug R&D With the MarkLogic Data Hub Service for Pharma R&D

Researchers are often unable to access the information they need. And, even when data does get consolidated, researchers find it difficult to sift through it all and make sense of it in order to confidently draw the right conclusions and share the right results. Discover how to quickly and easily find, synthesize, and share information—accelerating and improving R&D.

China Resources, or CR, is expected to use its clout and experience gained through China hospital chain unit CR Healthcare to get GenesisCare to expand into China where access to cutting-edge therapies--particularly for cancer--lag because of an approval backlog.

At the same time, the sprawling CR Group is reportedly planning a $1 billion initial public offering in Hong Kong for unit CR Pharmaceutical.

- here's the story from Reuters

Related Articles:
China announces subsidies to wean more hospitals off drug markups


Suggested Articles

Roche's Perjeta is looking to build its case as an add-on treatment to standard-of-care Herceptin plus chemo in HER2-positive breast cancer patients.

At one point, Novartis even offered up $90 apiece for the inclisiran developer but would later say even $85 was too much, a securities filing shows.

Sanofi spent months hyping its Tuesday investor event, and new CEO Paul Hudson certainly laid out a different vision for the drugmaker at the confab.