Japan’s PHC takes over Singapore’s SciMed to boost life sciences biz in Asia
SINGAPORE, NNA - PHC Holdings Corp. (PHCHD), a Tokyo-based healthcare company, has completed its acquisition of an additional 55.01 percent stake in SciMed (Asia) Pte. Ltd. in Singapore to strengthen its life sciences businesses in Asia.
The investment amount has not been disclosed. The purchase has pushed up PHCHD’s holding in SciMed, one of its sales agencies, to 70 percent from 14.99 percent, making SciMed a consolidated subsidiary of PHCHD, formerly known as Panasonic Healthcare Holdings Co., after over 30 years of partnership between the two.
SciMed has marketed and distributed life sciences products and provided its services throughout Southeast Asia and India. PHCHD hopes to utilize SciMed’s established customer base and network to expand its businesses further.
“In recent years, we have seen that life sciences research is making considerable progress in India and other emerging countries,” President and CEO of PHCHD Michael Kloss said in a press release Tuesday.
“Against the backdrop of increases in the prevalence and impact of conditions such as cancer, we expect more growth in the diagnostics business in the region,” he added.
The move followed the acquisitions of the anatomical pathology business from U.S. Thermo Fisher Scientific Inc. in June 2019 and LSI Medience Corp., a clinical test service firm under Tokyo-based healthcare service provider Life Science Institute Inc., in August the same year, the press release said.
PHCHD, which was incorporated in 2014, develops, manufactures, sells and services medical equipment and solutions across diabetes management, diagnostics, life sciences and healthcare service in more than 125 countries.
Keith Low, managing director for SciMed, which has been headquartered in Singapore since 1992, sees growth potential, especially in India.
“Recently, we have seen more demand in the Indian market that is expected to exceed the growth rate of China,” he said in the release.