SYDNEY, Australia, Dec. 09, 2022 (GLOBE NEWSWIRE) — George Clinical announces that it has entered into a sale agreement with Hillhouse, a global investment firm with deep experience in partnering with and supporting healthcare businesses. The transaction will allow George Clinical to continue a path of rapid global expansion and leadership in Asia-Pacific clinical research services while providing considerable new investment.
Over the past several years, George Clinical has grown to be a leading APAC-born, global clinical research organization (CRO) providing clients access to the fastest growing clinical trial markets in the world. The purchase of George Clinical affords the organization long-term investment and the backing to support the firm’s continuing vision to bring the best “Science, Service and Solutions” to their pharmaceutical and biotech clients around the globe.
“Our acquisition by Hillhouse presents an immense opportunity for George Clinical to achieve even greater success in the next phase of our development. There is a good cultural and strategic fit with the team at Hillhouse and much synergy to be had with healthcare being a key sector of their portfolio,” said James Cheong, CEO. “The path ahead is very exciting for our company, our staff and our clients as we will now have a bigger platform to continue our important mission to improve the health of millions of people worldwide and doing so with much more vigor in our new ownership structure.”
Hillhouse is a leading global investment firm of investment professionals and operating executives who are focused on building and partnering with high-quality franchises that achieve sustainable growth. The firm invests in companies across all equity stages and has strong experience in the healthcare industry. Investing globally for more than 17 years, Hillhouse has funded over 150 health care companies operating in more than 60 countries across the range of healthcare sub-sectors, including healthcare services, pharmaceutical development, medical devices, dental, and eyecare. The firm takes pride in its work and commitment to help treat diseases like cancer, immune disorders, cardiovascular diseases, and eye diseases.
This transaction with Hillhouse validates the value of the platform that George Clinical has built and will provide the company with the necessary support to drive its growth plans and maximize full market potential. This includes the expansion of the George Clinical global footprint, the extension and diversification of therapeutic expertise, the broadening of service offerings, and investment in processes and systems for greater efficiencies in project delivery. Hillhouse expects to leverage its experience and relationships in the healthcare sector to augment George Clinical’s exposure to prospective high-quality biotech customers globally to drive increased clinical trial activity for George Clinical.
The George Institute will hold a minority stake in George Clinical following the acquisition and will maintain a collaboration in applicable scientific areas such as in the Global Kidney Patients Trials Network (GKPTN).
“The management of George Clinical had the mission and vision to build a global CRO founded in APAC whose model and approach would work around the world. This is reflected in the success they have enjoyed and why Hillhouse expects to see this organization continue to grow and improve the health of millions worldwide,” said Sean Carney, Partner, Hillhouse.
Glenn Kerkhof, Chairman of George Clinical stated, “We are delighted to partner with the team at Hillhouse to support our ambitious growth plans. We also thank The George Institute for our proud association to date that has shaped an emerging, scientifically-led and differentiated clinical CRO. Under our new owners, Hillhouse, we will have greater capacity to invest in our growth and create a mid-tier global CRO based in Asia, the fastest growing market for clinical trials.”
The transaction is subject to FIRB approval.
BofA Securities acted as lead financial advisor on the transaction and Lazard Australia acted as co-advisor. Herbert Smith Freehills acted as legal advisor on the transaction.
About George Clinical
George Clinical is a leading global clinical research organization founded in Asia-Pacific driven by scientific expertise and operational excellence. With over 20 years of experience and more than 450 people managing over 39 geographical locations throughout the Asia-Pacific region, USA, and Europe, George Clinical provides the full range of clinical trial services to biopharmaceutical, medical device, and diagnostic customers, for all trial phases, registration and post-marketing trials.
Hillhouse builds businesses that stand the test of time. We are long-term investors focused on partnering with world-class entrepreneurs to help them grow their businesses globally. Over more than 17 years, we’ve worked alongside iconic companies that have redefined their industries. With offices globally, we have the flexibility to work across the private equity spectrum, from seed investments to buyouts. We manage capital on behalf of global institutions, such as non-profit foundations and pensions, and are proud that our efforts help support educational scholarships, scientific innovation, and artistic achievements across the world.
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