Ally Bridge, LifeTech Scientific and Quantum Surgical Announce Three-Way China Joint Venture to Develop Innovative Surgical Robot for the Treatment of Liver Cancer
The JV will focus on the R&D and commercialization of Quantum Surgical's integrated surgical robot platform in China for interventional oncology with the first target indication being liver cancer.
HONG KONG, SHENZHEN, China, and Montpellier, France, April 3, 2019 /PRNewswire/ -- Ally Bridge Group ("ABG"), a leading cross-border life science investment group, announced today that it has entered into an agreement with LifeTech Scientific Corporation (SEHK: 1302) ("LifeTech"), a leading medical device company in China, and Quantum Surgical, an innovative surgical robotics company in France, to establish a three-way China joint venture ("JV"). The JV will focus on the R&D and commercialization of Quantum Surgical's integrated surgical robot platform in China for interventional oncology with the first target indication being liver cancer. China represents more than 50% of the world's incidence of liver cancer.
The formation of this JV follows ABG's Series A investment in Quantum Surgical (May 2018), in which LifeTech also participated in the investment through its existing partnership with ABG. ABG initiated and led the design and formation of the JV, where LifeTech is the majority shareholder and responsible for the setup and operation of the China JV, including contributing market know-how to expedite product approval and commercialization in China.
"ABG is excited to form this new China JV with LifeTech and Quantum Surgical, both of which are our portfolio companies. This JV showcases a new model for Sino-foreign collaboration in medical technologies. The ABG team has been working closely with Quantum Surgical, led by Bertin Nahum, following our successful investment in -- and exit from – its predecessor company Medtech SA. Quantum Surgical is a natural extension of the 2018 ABG-led US$300 million investment in GRAIL, a healthcare company whose mission is to detect cancer early, when it can be cured. Early cancer detection must be accompanied by more effective early treatment, which Quantum is developing," said Frank Yu, ABG's Founder, CEO and CIO. "LifeTech has been a very close partner since the ABG team invested in the company's IPO in 2011. LifeTech has a proven track record in obtaining "green channel" fast-track approval and commercializing in China for some of the world's most innovative medical technologies. This includes collaborations with global medtech companies in localizing best-in-class products, as proven by its China partnership with Medtronic, a critical strategy for foreign technologies entering the China market. This JV highlights ABG's unique strategic and operational value-add for our portfolio companies in China, the U.S. and Europe, and how we invest in and bring cutting-edge technologies to solve large, poorly met medical needs in China," Frank Yu added.
"This is a win-win partnership, where LifeTech Scientific is introduced and advised by our strategic partner ABG to join forces with Quantum Surgical, a leading innovative surgical robot developer with a proven track record," said Yue-Hui Xie, Chairman and CEO of LifeTech Scientific. "This marks another ground-breaking achievement for LifeTech, investing in and partnering with world-leading healthcare technology following our strategic cooperation with ABG, including our participation in the 2018 financing for GRAIL. Both investments underpin LifeTech's new strategic focus in cancer prevention and treatment," Yue-Hui Xie added, "Following our successful partnership with U.S.-based global medtech giant Medtronic, our China JV with Quantum Surgical of France represents a new milestone for strategic and operational partnership with European companies in China."
"Quantum will set new standards for minimally invasive cancer treatment procedures with the first target indication being liver cancer. We believe that LifeTech's regulatory expertise and established commercialization infrastructure in China, coupled with ABG's truly global industry network and strong capital markets and deal-making capabilities, will enable Quantum Surgical to accelerate its market entry into China and benefit millions of cancer patients there," said Bertin Nahum, Founder and CEO of Quantum Surgical.
About Ally Bridge Group
Ally Bridge Group ("ABG"), founded and led by Frank Yu (previously at Goldman Sachs and Och-Ziff Capital), is a global life science-focused investment firm. ABG and its affiliates manage over US$2 billion in life science assets in China, the U.S., and Europe, from medtech to biopharmaceuticals. ABG focuses on investing in some of the world's most innovative medicines and leading high-impact transactions. In 2015, ABG initiated, led and completed the landmark US$3.3 billion NYSE take-private of Wuxi Pharmatech. In 2016, Medtech SA, a leading French surgical robotics company, was acquired by Zimmer-Biomet several months after ABG's investment. In 2018, ABG led the US$300 million Series C financing for GRAIL, a global pioneer in early cancer detection. ABG has expertise in cementing strategic partnerships between emerging healthcare companies and industry leaders, and across different geographies, particularly between China, the U.S., and Europe. For more information, please visit www.ally-bridge.com
About LifeTech Scientific Corporation
LifeTech Scientific Corporation ("LifeTech") is a leading innovative medical devices company in China, focusing on the manufacturing and sale of minimally invasive interventional medical devices. The company is the second largest supplier of occluders for congenital heart diseases globally (and the largest among BRIC countries). In October 2012, LifeTech became Medtronic's strategic partner in China to localize Medtronic's implantable cardiac pacing system in China. Leveraging its local know-how, LifeTech helped Medtronic localize its pacing technology under the HeartTone brand in China and obtained the CFDA approval in less than 9 months through a well-planned regulatory strategy including green channel and clinical waiver. LifeTech has extensive global sales network including 160 dealers in about 90 countries, especially in Southeast Asia, Russia, CIS and MEA.
About Quantum Surgical
Founded in 2017, Quantum Surgical is a next-generation surgical robotics start-up founded by Bertin Nahum, a serial entrepreneur and founder of Medtech SA. The Company is building next-generation smart tools for minimally invasive therapies, beginning with interventional oncology. The robotic platform will enable physicians to better assess, plan, and treat a broad spectrum of medical conditions. The Company is developing end-to-end solutions for interventional oncology. For more information, please visit http://quantum-surgical.eu/
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