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Hillhouse leads $512m investment in MicroPort’s surgical robotics unit

By DealStreetAsia / Sep 07, 2020 12:25 PM / Business & Tech

A consortium led by Asia-focused private equity powerhouse Hillhouse Capital has invested 3.5 billion yuan ($512 million) in MicroPort MedBot, the surgical robotic solution unit of medical device developer MicroPort.

The investment consists of three tranches.

In the first tranch, the parent company will transfer 7.14 per cent of the registered capital in MicroPort MedBot to the investors for 1.5 billion yuan ($219 million). Next, asset manager Shanghai Changlong, an existing shareholder in MicroPort MedBot, will sell 2.38 per cent of the firm’s registered capital to the same investors for 500 million yuan ($73 million). In the final tranch, the investor consortium will contribute an additional 1.5 billion yuan to the subsidiary, MicroPort said in a filing to the Hong Kong Stock Exchange (HKEX) on September 1.

Besides Hillhouse, the consortium includes Chinese alternative asset manager CPE; Biolink Capital, which mainly makes equity investments in the medical sector; Grand Flight Investment, owned by Hong Kong-listed financial services institution Far East Horizon; and Guangzhou-based fund manager E Fund.

“The surgical robotic system has major strategic significance with respect to the development of remote, precise, minimally invasive, customised, and intelligent procedures,” said Martin Sun, chairman of MicroPort MedBot, in a statement. “This round of financing will bring necessary financial support for the steady listing, large-scale industrialisation, and marketing of the company’s surgical robot solutions,” he added.

Upon completion of the transactions, MicroPort MedBot’s post-money valuation will reach around 22.5 billion yuan ($3.29 billion). MicroPort’s stake in the subsidiary will fall from almost 64.76 per cent to 53.77 per cent.

Founded in 2014, MicroPort MedBot develops intelligent surgical robotic systems and solutions. Its current business covers five segments, including endoscope, orthopaedics, vascular intervention, natural orifice, and percutaneous puncture.

The firm has three flagship systems that were gained entries into the “Green Channel” programme, for innovative medical devices, of China’s National Medical Products Administration (NMPA). It claims to have over 250 domestic and international patents.

The parent company focuses on the development, manufacturing, and marketing of high-end medical devices. It was established in 1998 and raised HK$1.54 billion ($199 million) in an initial public offering (IPO) in Hong Kong in 2010.

Bloomberg reported in March, citing sources, that MicroPort picked Citigroup Inc and JPMorgan Chase & Co to arrange a separate listing of its heart valve replacement business, MicroPort CardioFlow Medtech, in Hong Kong as early as this year. The unit had raised about $130 million in a pre-money valuation of $1.1 billion from investors including Hillhouse Capital, CPE, Lake Bleu Capital, and 3H Health Investment Fund I in April 2020.

Related: Hillhouse Bets Big on Clinical Testing Specialist


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