The financing has been raised to enable Singapore-based Esco to strengthen its position through organic and external growth and transformation, as well as invest in China
Esco Lifesciences Group has run a $200m financing round, co-led by Novo Holdings and Vivo Capital.
Esco is a Singapore-based specialist in laboratory and biopharma equipment and IVF medical devices, with four divisions, namely, Scientific, Medical, Healthcare, and Aster, which offers solutions to a broad diversity of laboratories, clinics and bio-pharma production sites in over 100 countries.
Within the cleanroom sector, Esco provides various containment solutions; such as BSL cabinets and fume hoods.
The financing will enable Esco to strengthen its position through organic and external growth and transformation, as well as invest in China, thus addressing some of the most dynamic market segments and geographies. Other investors include two Asian sovereign wealth funds and Singapore-based global investor, EDBI.
Kasim Kutay, CEO of Novo Holdings, said: "The opportunities for growth and expansion at Esco are significant and we look forward to bringing to bear our patient capital and life science expertise to the realisation of the company's strategy."
Novo Holdings established its Asia presence with the opening of its Singapore office in January 2021.
Amit Kakar, Senior Partner, Head of Novo Holdings Asia, added: "This investment builds on Novo's strategy to identify and invest in life science and healthcare companies which are true leaders in their field, and Esco, with its deep-rooted history, track record and expertise has a stellar reputation for innovation in the global laboratory and cleanroom industry."
XQ Lin, Chairman and Chief Executive Officer of Esco Lifesciences, said that this financing is a significant milestone as the company embarks on its Esco 3.0 transformation. Lin goes on to explain that Esco 3.0 primarily involves strategic bolt-on M&A and expedited expansion in its priority market, China.
"This financing will enable the creation of an innovation hub in Boston, focused on cell and gene therapy tools and technologies," Lin said. "We will increase our R&D and in-licensing efforts to develop and commercialise enabling novel life science research tools in emerging domains, thus enabling fundamental scientific discoveries and, ultimately, the diagnostics and medicines of tomorrow."