Sinopharm Capital, the private equity arm of pharmaceutical firm Sinopharm, has partnered healthcare services provider Novena Global Lifecare and investment platform Cedarlake Capital for a $150m healthcare-focused fund, The Straits Times has reported.
Sino-Singapore Healthcare Fund will back businesses from Southeast Asia developing technologies covering areas such as medical services, biomedical projects, mature drugs and precision medicine.
Novena, a subsidiary of investment firm Dorr Group, has also raised $20m of series B funding from Sinopharm Capital and Cedarlake Capital, according to Straits Times.
Founded in 2010, the company provides services such as DNA testing through some 250 health clinics and sales outlets across Singapore, Malaysia, Indonesia, China, Hong Kong, South Korea, Taiwan and India.
The series B capital will fuel the growth of Novena’s Chinese business, which will leverage Sinopharm’s expertise and distribution capacity while also enabling Sinopharm to build its presence in Novena’s core market in Southeast Asia.
Evolve Capital Asia and Brocade River Merchants advised Novena Global for both the fundraising and the series B round. The company has not disclosed details of its earlier financing.