Singapore: Luye Medical Group acquires Novena Heart Centre
Dealstreet Asia, 10 April 2018
Singapore-based Luye Medical Group has completed a majority equity investment in Novena Heart Centre (NHC) as part of its expansion strategy into the high growth specialty areas.
Financial details of the acquisition were not disclosed.
The deal marks Luye Medical’s expansion into healthcare service space in Singapore that includes OncoCare Cancer Centre and AsiaMedic, an announcement said on Tuesday.
Located in Mount Elizabeth Novena Hospital, NHC is claimed to be one of the largest and fastest growing multi-disciplinary cardiology group practices in Singapore. It houses five major disciplines – coronary intervention, heart rhythm management, heart failure, cardiac imaging, and cardio thoracic surgery.
Further, NHC plans to expand its cardiac healthcare solutions into other private hospitals in Singapore. In the mid-term, Luye Medical Group intends to expand NHC’s cardiology practice into China.
NHC will tap Luye’s local network in China to bring NHC’s cardiology practice to the country. The foray into key Chinese cities will be aligned with the upcoming hospitals under the Luye Medical Group’s umbrella of healthcare assets in China.
Dr Hsu Li Fern, Co-CEO and Consultant Cardiologist, NHC, said, “With the support of Luye Medical Group, NHC aims to set up more clinics in the major private hospitals in Singapore to enhance accessibility for patients, as well as expand our one-stop integrated treatment and diagnosis centre.”
Meanwhile, over the past few years, the Luye Group has been actively expanding its healthcare business through acquisitions and organic growth in Asia Pacific, and now owns 53 healthcare facilities across 26 cities in the key medical hubs of Singapore, Australia, South Korea and China.
The acquisition of NHC will enable it to cater to the rising demand for cardiovascular treatment in Singapore and globally, it said.
According to the World Health Organisation (WHO), cardiovascular diseases (CVDs) are the number one cause of deaths globally and an estimated 17.7 million people die from CVDs each year (31 per cent worldwide).