Actis confirms $150m exit from China diagnostics business

The PE firm did not name the buyer of its stake, though the exit was announced the day after the disclosure of a RMB2 billion ($294 million) investment in Chemclin led by Legend Capital and Huaxing Healthcare Fund, a healthcare-focused private equity arm of financial advisor China Renaissance. AVCJ has learned that Actis’ stake was part of the holding acquired by the investors.

Actis invested in Chemclin in 2013, taking a majority stake alongside OrbiMed and CICC Private Equity. The GP has helped the company develop and execute its expansion strategy, particularly by originating and financing the acquisition of domestic IVD specialist Beyond Diagnostics.

Chemclin is a leader in China’s IVD market, specializing in chemiluminescence immunoassay tests that use chemical reactions to release light that can be captured on X-ray film. Its products are used to detect infectious diseases, cancer, and thyroid disease.

“The management team at Chemclin are one of the best in China’s IVD space, adhering to world-class standards and offering strong execution capabilities,” said Dong Zhong, a partner at Actis. “Across China and other emerging markets, there is a growing need to replace costly imported technologies with locally developed products. Chemclin is well positioned to capitalize on this opportunity and we are delighted to have played an important role in the business’s growth story.”

Actis pursues growth investments in emerging markets in Asia, Latin American, and Africa, and has raised over $13 billion since its founding for investments in consumer, energy, financial services, healthcare, and real estate. The firm has invested about $7.8 billion across more than 200 transactions and realized $9.3 billion from 160 full and partial exits.

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• Topics
• Greater China
• Healthcare
• Trade sale
• China
• Exit
• Actis Capital