SINGAPORE, May 26, 2021 - Esco Lifesciences ("Esco", the "Company") announced today the close of an over-subscribed US$200 million Series A and Crossover round. The financing was led by Vivo Capital and Novo Holdings A/S, with participation from new investors including China Investment Corporation, Singapore-based global investor EDBI, a reputable, long-term institutional investor, and other sophisticated investors.
XQ Lin, Chairman and CEO of Esco Lifesciences, commented, "We are pleased to welcome these truly global top tier life sciences investors from the US, Europe, China and Singapore. This is a significant milestone for the Company as we embark on our Esco 3.0 transformation, which primarily involves strategic bolt-on M&A and expedited expansion in China, our priority market, to maintain the strong revenue growth we have achieved over the last decade. This financing will enable the creation of an innovation hub in Boston, focused on cell and gene therapy tools and technologies. We will increase our R&D and in-licensing efforts to develop and commercialise novel life science research tools in emerging domains, thus enabling fundamental scientific discoveries and, ultimately, the diagnostics and medicines of tomorrow."
Esco Lifesciences, a leading provider of life sciences tools and services, is poised to benefit from the sustained growth of the healthcare and biopharma industries in Asia and globally. Esco has achieved leadership in China, and globally, in multiple product categories within some of the fastest-growing market segments with China being its largest and fastest-growing market. As a Singapore-headquartered company, Esco is a nexus of East and West, bridging technologies, products, and talent across the world, with global operations spanning the US, Europe and Asia.
Shan Fu, Managing Partner and CEO of Greater China for Vivo Capital, and incoming Esco board member, commented, "Vivo Capital has been deeply impressed with the management team's energy, execution capabilities, and global vision. We are thrilled to lead this private investment in Esco alongside top-tier global institutional investors such as Novo Holdings and EDBI. The investor consortium will work together to leverage our healthcare sector resources to accelerate Esco's next phase of global growth, supporting the Company's business development efforts, and increasing investments in R&D and technology development. We hope to facilitate Esco's global expansion and to elevate Esco into an Asian global life science industry leader, to fulfill its mission of improving lives through science."
Kasim Kutay, CEO of Novo Holdings, said, "As a long term, global, life sciences investor, Novo Holdings is delighted to be partnering with the like-minded team at Esco. 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." Amit Kakar, Senior Partner, Head of Novo Holdings Asia, and incoming Esco board member, added, "Novo Holdings established its Asia presence with the opening of its Singapore office in January of this year and our investment in Esco is a very important milestone in the development of our regional ambitions."