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Joint venture brings cancer treatment to China
New centres for cancer treatment in China will be operated as part of a joint venture between Australian and Chinese healthcare groups.
Melissa Coade
Firms: King & Wood Mallesons (Icon Group); Global Law (Yibai Healthcare)
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Deal: Icon Group has entered a joint venture agreement with Yibai Healthcare.
Value: Undisclosed
Area: M&A
Key players: The KWM team advising Icon Group was led by Australia-based partner Mark McNamara (pictured) with support from special counsel Alex Elser. Advising on all PRC aspects of the deal were Shanghai-based partners Martyn Huckerby and Mark Zhang, with assistance from senior associate Jiang Liang.
Deal significance: The operation of radiation oncology centres in China is made possible by a joint venture between Australia’s largest provider of medical oncology, Icon Group, and China’s Yibai Healthcare.
Yibai Healthcare raised approximately $500 million to establish the new cancer centres over two years. The Chinese company is part of the Shanghai-listed Guizhou Yibai Pharmaceutical company.
Icon Group clinicians own 45 per cent of the Australian medical oncology provider, with the remaining 55 per cent owned by Quadrant Private Equity.
Commenting on the deal, partner Mark McNamara said: “We are delighted to continue to support Icon as it extends its footprint in the health and care sector into China and the rest of Asia. Our cross-border team drew on expertise in both Australia and Shanghai to achieve this important JV for the Icon Group."
KWM’s cross-border teams also advised Icon on its recent acquisition of Singapore Oncology Centre.
