Through its subsidiary Novena Life Sciences, increased its stake in Hexin Health Corporation, Taiwan’s 3rd largest health screening provider, from 20% to 50.1% and acquired 50.1% of Bolian Biotech and Lianwei Biotech, respectively.
One of Asia’s major players in integrated medical healthcare and aesthetic companies with over 250 clinics in 20 cities mainly in the Asia Pacific region, has expanded its share in Taiwan’s health screening sector with further acquisitions of three healthcare companies.
On 27 July 2019, the Company, through its subsidiary Novena Life Sciences, increased its majority stake in Hexin Health Corporation (“Hexin”) from 20 percent to 50.1 percent for an undisclosed cash consideration amount, and acquired 50.1 percent of shares in Bolian Biotech (“Bolian”) and Lianwei Biotech (“Lianwei”), respectively, for approximately US$10 million. Post-merger, Novena Global Lifecare will be the largest enterprise screening group in Taiwan.
Hexin is a high-end health screening and medical check-up centre, with 14 contracted medical centres across Taiwan, namely Taipei Medical University Hospital, Taoyuan General Hospital, China Medical University Hospital and Taipei Beitou Hospital, and 11 contracted medical centres in Japan, China, Cambodia, and Malaysia. Hexin Group was founded in 2007 and provides health screening for over 200,000 corporate employees. Bolian takes up a substantial market share of corporate health screenings in Taiwan. Focusing on nutritional health products, treatment of chronic diseases, fitness research, and health management, Bolian and Lianwei together have a combined annual revenue of over US$20 million historically.
Novena Global Lifecare’s latest acquisitions will boost its Taiwan revenues by up to NT$1 billion (S$40 million) as the three companies are expected to cater to the health screening needs of one million employees in Taiwan by 2020.
Founded in 2010, Novena Global Lifecare is a subsidiary of DORR Group, a private investment company focusing on consumer/retail, technology and healthcare sectors in Asia, co-founded by former investment bankers and cousins Nelson Loh and Terence Loh. Currently, Novena Global Lifecare drives a multi-million revenue portfolio that provides lifecare management solutions tailored to Asian demographics to help customers in their journey of well-being across their life stages.
“We think it’s timely to expand our footprint in Taiwan,” said Nelson Loh, chairman and co-founder of DORR Group and Novena Global Lifecare. “The acquisitions allow us to take advantage of the growing corporate healthcare screening market, while we can look forward to synergise the services of these three companies for Taiwanese clients and beyond.”
“Their research and expertise will allow Novena Global Lifecare to grow further in the Taiwanese market, while we bring their expertise to regional markets.” Said DORR Group and Novena Global Lifecare’s co-founder and CEO Terence Loh
“Hexin is delighted to be working alongside Novena Global Lifecare,” said Christa Kuo, CEO of Hexin Health Corporation. “This merger allows us to leverage on Novena Global Lifecare’s expertise in the regional healthcare market in order to bring our treatment and research to many new emerging markets in Asia.”
According to Taiwan’s national labour statistics, there are some 11.5 million workers in Taiwan in 2019 and the rising cost of health screenings provided by hospitals and teaching hospitals have exceeded most company budgets. Consequently, third party health screening providers such as Hexin, Bolian and Lianwei with their comprehensive and cost-effective packages play a critical role in fulfilling corporate needs. [APBN]