Khazanah Nasional Leads Investment Round in Adicon Holdings

Posted on 01/26/2021

Chinese diagnostic lab company Adicon Holdings Limited raised US$ 88 million in a round that was led by Khazanah Nasional Berhad. Adicon’s single largest shareholder is The Carlyle Group. Other investors in this round include Lake Bleu Capital, Cenova Capital, OrbiMed, and Mirae Asset Global Investments (Mirae Asset Financial Group). Adicon is planning an initial public offering after the fundraising.

Founded in 2004, Adicon Holdings is headquartered in Hangzhou, a city in Southeast China. Adicon and its controlled entities runs 24 fully-owned diagnostic laboratories in China, offering diagnostic testing outsourcing services to more than 10,000 active customers in 28 provinces.

Carlyle Group, together with Meinian Onehealth Healthcare Holdings Co., Ltd., invested in Adicon in October 2018. Equity for the investment came from Carlyle Asia Partners V, Carlyle’s flagship US$6.55 billion fund focused on buyout and strategic investments across a range of sectors in Asia Pacific.

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