A consortium led by Asia-focused non-public fairness powerhouse Hillhouse Capital has invested 3.5 billion yuan ($512 million) in MicroPort MedBot, the surgical robotic resolution unit of medical machine developer MicroPort.
The funding consists of three tranches.
Within the first tranch, the guardian firm will switch 7.14 per cent of the registered capital in MicroPort MedBot to the buyers for 1.5 billion yuan ($219 million). Subsequent, asset supervisor Shanghai Changlong, an present shareholder in MicroPort MedBot, will promote 2.38 per cent of the agency’s registered capital to the identical buyers for 500 million yuan ($73 million). Within the ultimate tranch, the investor consortium will contribute an extra 1.5 billion yuan to the subsidiary, MicroPort mentioned in a submitting to the Hong Kong Inventory Trade (HKEX) on September 1.
In addition to Hillhouse, the consortium consists of Chinese language various asset supervisor CPE; Biolink Capital, which primarily makes fairness investments within the medical sector; Grand Flight Funding, owned by Hong Kong-listed monetary providers 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,” mentioned Martin Solar, chairman of MicroPort MedBot, in an announcement. “This spherical of financing will convey crucial monetary help 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 techniques and options. Its present enterprise covers 5 segments, together with endoscope, orthopaedics, vascular intervention, pure orifice, and percutaneous puncture.
The agency has three flagship techniques that had been gained entries into the “Inexperienced Channel” programme, for modern medical units, of China’s Nationwide Medical Merchandise Administration (NMPA). It claims to have over 250 home and worldwide patents.
The guardian firm focuses on the event, manufacturing, and advertising of high-end medical units. 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 yr. The unit had raised about $130 million in a pre-money valuation of $1.1 billion from buyers together with Hillhouse Capital, CPE, Lake Bleu Capital, and 3H Well being Funding Fund I in April 2020.