JBIC, Mitsui back Singapore's Wellesta

Wellesta described the investment as part of a Series B round. JBIC confirmed in a statement that it provided SGD 20m (USD 15m). Mitsui’s contribution was about SGD 30m, according to Nikkei, which estimated the investors acquired a combined 20% holding.

Wellesta was established in 2019 to provide sales, marketing, and commercial support to the pharmaceutical and medical devices industries in developing Asia.

The company is positioned as a solutions provider for global manufacturers targeting underserved markets, as well as for healthcare start-ups. Target industrial segments also include nutraceuticals and over-the-counter drugs.

The mission statement is to resolve technical and regulation-related delays in the production and delivery of drugs and devices. Mitsui noted that its interest in the company was rooted in a social agenda.

“We believe that enhancing access to quality drugs and solving so-called drug-lag issues are very important for the health and wellness of people, especially people living in emerging countries where Wellesta deploys its operations,” Takeshi Akutsu, a managing officer and COO of the wellness business unit at Mitsui, said in a separate statement.

The main goal of the Series B is to expand Wellesta's geographic footprint. The company is currently active across six countries in South and Southeast Asia, as well as the Middle East and North Africa.

Mitsui, the largest shareholder in IHH Healthcare, Asia's biggest private hospital group, is expected to be instrumental in the expansion. Malaysian sovereign wealth fund Khazanah Nasional created IHH as a holding vehicle for its global healthcare assets in 2006.

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• Topics
• Southeast Asia
• Support services
• Healthcare
• Expansion
• Singapore
• JBIC
• Mitsui & Co
• Pharmaceuticals
• medical devices