KKR takes 24% stake in China blood banker
It is a newborn child's first-ever insurance policy: Cord blood, rich in stem cells, is taken from the umbilical cord shortly after birth and placed into storage, only to be used if the child is later stricken by a serious illness. Cord blood can help treat over 80 types of disease, including leukemia and lymphoma. Parents all over the world take such a precaution and KKR is betting that the trend will catch on in China as increasing household incomes allow families to spend more money on healthcare.
In what marks its first foray into the country's health services sector, the private equity firm has agreed to invest $65 million into China Cord Blood Corporation (CCBC), the leading domestic core blood...
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