- Largest private financing round by an Asia-based life sciences tools company
- Important milestone in the development of Novo Holdings’ ambitions in Asia
- As a result of the financing, Amit Kakar, Senior Partner, Head of Novo Holdings Asia will join the company’s Board of Directors
Singapore & Copenhagen, Denmark, 27 May 2021 – Novo Holdings today announced that it has co-led with Vivo Capital the over-subscribed US$200 million Series A and Crossover round in Esco Lifesciences Group (“Esco”), a leading provider of life sciences tools and services. This is the largest private financing round by an Asia-based life sciences tools company. The financing will enable Esco to strengthen its position through organic and external growth and transformation, as well as invest in China, thus addressing some of the most dynamic market segments and geographies. Other investors include two Asian sovereign wealth funds and Singapore-based global investor, EDBI.
Esco is a world-leading manufacturer of laboratory and biopharma equipment and IVF medical devices, with four divisions, namely, Scientific, Medical, Healthcare, and Aster, which offers mission-critical equipment and advanced solutions to a broad diversity of laboratories, clinics and bio-pharma production sites in over 100 countries, thus contributing to the future of life science research and manufacturing.
Kasim Kutay, Chief Executive Officer of Novo Holdings, said, “As a long term, global life sciences investor, Novo Holdings is delighted to be partnering with the like-minded team at Esco. The opportunities for growth and expansion at Esco are significant and we look forward to bringing to bear our patient capital and life science expertise to the realisation of the Company’s strategy.”
Amit Kakar, Senior Partner, Head of Novo Holdings Asia, added, “Novo Holdings established its Asia presence with the opening of its Singapore office in January of this year and our investment in Esco is a very important milestone in the development of our regional ambitions. This investment builds on Novo’s strategy to identify and invest in life science and healthcare companies which are true leaders in their field, and Esco, with its deep-rooted history, track record and expertise has a stellar reputation for innovation in the global laboratory and cleanroom industry.”
XQ Lin, Chairman and Chief Executive Officer of Esco Lifesciences, commented, “We are pleased to welcome Novo Holdings, one of the most experienced life sciences investors globally to Esco. This financing is a significant milestone for the Company as we embark on our Esco 3.0 transformation, which primarily involves strategic bolt-on M&A and expedited expansion in China, our priority market, to maintain the strong revenue growth we have achieved over the last decade. This financing will enable the creation of an innovation hub in Boston, focused on cell and gene therapy tools and technologies. We will increase our R&D and in-licensing efforts to develop and commercialise enabling novel life science research tools in emerging domains, thus enabling fundamental scientific discoveries and, ultimately, the diagnostics and medicines of tomorrow.”
About Esco Lifesciences Group
Esco Lifesciences Group provides enabling technologies, products and services to the life sciences and healthcare industries, supporting academic research and scientific discoveries, clinical practice, as well as biopharmaceutical R&D and manufacturing. Headquartered in Singapore, Esco has an extensive sales network in over 100 countries, direct sales and service offices in over 20 countries, 8 manufacturing and R&D hubs in the US, Europe, the UK, China, Singapore, Indonesia, and over 1600 employees worldwide.