Khazanah backs Chinese lab firm Adicon in US$88m funding round

HONG KONG (Jan 27): Chinese diagnostic lab company Adicon Holdings Ltd has closed an US$88 million funding round, led by Malaysian sovereign wealth fund Khazanah Nasional Bhd, Adicon’s single largest shareholder Carlyle Group said on Tuesday.

Other investors in this round include Lake Bleu Capital, Cenova Capital, OrbiMed and Mirae Asset, Carlyle said in an announcement.

Based in Southeast Chinese city of Hangzhou, Adicon and its controlled entities operate operates 24 fully-owned diagnostic laboratories in China, offering diagnostic testing outsourcing services to more than 10,000 active customers in 28 provinces.

Adicon is planning an initial public offering after the fundraising, said people with direct knowledge of the matter. They could not be identified as the information is confidential.

Carlyle, which invested in Adicon in 2018, declined to comment on whether the fundraising was Adicon’s pre-IPO round. It also declined to disclose Adicon’s valuation after the round.

Source: TheEdgeMarkets