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Fosun Pharmaceutical, the pharmaceutical arm of investment firm Fosun International controlled by China billionaire Guo Guangchang, will pay up to S$217.6 million, or $158 million, for a 60% stake in one of Singapore’s largest operators of cancer treatment centers.
The business, OncoCare Medical, has seven clinics in major private medical centers in Singapore, including the only private medical oncology medical center for women in the city-state, Fosun Pharma said. OncoCare is “well regarded for treatment of breast cancer, lung cancer, and colorectal cancer,” it added.
The investment will contribute to the expansion of Fosun Pharma’s medical services business in Southeast Asia and further strengthen its cancer treatment services overall, Fosun Pharma said.
Most of the shares – a 51% stake in OncoCare – are being bought from Aurora Healthcare, a company controlled by China pharmaceutical industry entrepreneur Liu Dianbo, the chairman of Hong Kong-listed Luye Pharmaceutical.
Global spending on cancer treatments totaled $185 billion in 2021, and is expected to grow to $300 billion by 2026, according to a report by the IQVIA Institute for Human Data Science.
Guo is worth $4.6 billion on the Forbes Real-Time Billionaires List today.
Fosun Pharmaceutical’s shares have lost nearly 30% in the last year.
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