Ashurst advises Mirae Asset on the investment in the new round of funding in Adicon 

Global law firm Ashurst acted for Mirae Asset Securities (HK) Limited in its investment in the subscription of preferred shares in Adicon Holdings Limited (“Adicon”) in relation to Adicon's new round of funding. This round of funding was oversubscribed with up to an aggregate amount of US$88 million. In addition to Mirae Asset, other investors include Malaysia's sovereign wealth fund Khazanah Nasional Berhad, and well-known healthcare funds such as Lake Bleu Capital, Cenova Capital and OrbiMed, among others.

Established in 2004, Adicon is a leading independent clinical laboratory company in China operating 24 fully-owned diagnostic laboratories, offering diagnostic testing outsourcing services to more than 10,000 active customers, including hospitals, clinics and contract research organizations (CROs) in 28 provinces. As a pioneer in the fast-growing independent clinical laboratory industry, Adicon has developed a scalable operation with a comprehensive test portfolio including a wide range of esoteric tests that address diverse customer demands. It is backed by the Carlyle Group, a multinational private equity, alternative asset management and financial services corporation. Carlyle is the single largest shareholder in Adicon. 

Mirae Asset is a global financial group and a leader in Korea's financial markets, providing comprehensive financial services to its clients worldwide. With excellent management ability, the group manages US$100.6 billion assets worldwide and is committed to expanding internationally. Mirae Asset operates as a globally diversified investment platform to meet the needs of clients and its strategic locations include emerging markets such as Asia. This investment further expands its investment portfolio in China and meets its investment strategy in emerging markets.

Lead partner Melody He commented, "We are pleased to have had the opportunity to support Mirae Asset in this investment. Laboratory testing is experiencing fast growth and is in high demand driven by the pandemic. Asia’s healthcare sector continues to be a major focus for global investors and the successful completion demonstrates our expertise within healthcare sector." 

The Ashurst team was led by Melody He, supported by Brenton Tse.