A typically biopharma-focused investor that bridges from China to global healthcare, Ally Bridge Group (ABG), has announced it's made 6 recent med tech investments. These are in addition to another recent, high-profile deal: the $3.3 billion proposed take-private offer for contract research organization WuXi PharmaTech ($WX), in which ABG is also a potential investor.
Two of the new med tech investments by ABG are expected to generate financial returns in the short term: one in China-based dental implants and devices player Wing Tai Holdings, which listed on the Hong Kong Stock Exchange in May, and the other in better-view-endoscope company EndoChoice ($GI), which completed a $96 million IPO on June 5. ABG participated in the March Series E round for EndoChoice, in addition to participating in the IPO.
"Ally Bridge Group continues to invest in truly disruptive med tech companies globally as well as leading local platforms in China, and adds value by driving cross-border market access and partnerships," said Frank Yu, ABG founder, CEO and CIO, in a statement.
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| Nxthera's Rezūm device--Courtesy of Aberdare Ventures |
The firm's remaining four recent med tech investments are in water vapor debulking procedure startup NxThera, brain assessment solution company Neuroverse, minimally invasive fracture implant specialist Conventus Orthopedics, and lithoplasty system company Shockwave Medical.
NxThera has the Rezūm System that uses water vapor to treat benign prostate hyperplasia in a physician office, outpatient or hospital setting to improve urinary flow and quality of life. The device has a CE mark already and is under review for a potential approval by the FDA.
"We pioneered this value-add cross-border investment strategy in 2011, when we invested in LifeTech Scientific, a China-based med tech company, and then helped the company cement a landmark partnership with Medtronic, which has generated exceptional investment returns," added Yu.
"We have executed multiple successful value-add investments since and remain uniquely positioned to help U.S. and European portfolio companies with outbound strategies to Asia. Simultaneously, we help leading Chinese healthcare platforms access innovative technologies globally. This unique strategy has been a critical driver of the outstanding returns generated by our healthcare investments across ABG's funds and affiliates."
- here is the release