Cathay Capital leads round for FuRui’s medical device unit
Cathay Capital has led a EUR30 million ($33 million) round of funding for Echosens, a France-based diagnostic medical device manufacturer owned by China’s Inner Mongolia FuRui Medical Science.
OrbiMed Advisors and an undisclosed Chinese fund also participated. The FuRui group remains the majority shareholder in Echoses with a 51% stake.
Founded in 2001, Echosens develops non-invasive diagnostic products. In 2004, it designed and manufactured its first medical device - FibroScan - for liver disease diagnosis. It has been approved for sale in over 70 countries.
In 2011 Shenzhen-listed FuRui acquired Echosens. Founded in 1998, FuRui develops drugs to treat liver diseases, and also distributes various pharmaceuticals and medical devices.
Cathay will work with FuRui to help Echosens accelerate the international growth of its business line in liver disease diagnosis, with a particular emphasis on expansion in North America and China. The PE firm will also support Echosens' acquisition of new medical technologies in hepatology and liver disease diagnosis.
"Echosens' background is strategically aligned with Cathay Capital's unique cross-border investment philosophy," said Mingpo Cai, president of Cathay, in a statement. "Echosens is a company with high growth potential: with global patents, its products are widely used and recognised for their quality around the world. Its market share is set to continue to grow."
This is the first investment from Cathay's Sino-French mid-cap fund, which launched last year with the support of cornerstone investors Bpifrance and China Development Bank. The fund reached its hard cap of EUR500 million in December 2014. It partners with French and Chinese companies in the mid-cap segment to help them implement cross-border growth strategies.
As of the end of last year, Cathay had invested in 36 companies and had more than EUR900 million under management.
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