In January 7, 2018, LifeTech Scientific Corporation has entered into a strategic partnership with Ally Bridge Group (“ABG”), a global healthcare-focused investment firm, to focus on investing in some of the world’s leading medtech companies and helping them to accelerate their market entry and commercialization in China, the world’s second largest and fastest-growing healthcare market.
The LifeTech-ABG partnership encompasses three key components: 1) LifeTech and ABG commit to being the preferred partners to each other for global medtech investments and operations; 2) LifeTech commits to investments in ABG’s funds, which are already and continue to be investing in some of the world’s most innovative medtech companies; 3) LifeTech and ABG commit to setting up a joint investment fund dedicated to investing in innovative medical technologies globally and expediting their development and commercialization in China by leveraging favorable China policy and Lifetech’s knowhow.
“This is a win-win partnership whereby LifeTech, a leading medtech industry player in China, joins forces with ABG, a leading global cross-border life science investment group,” said Yue-Hui Xie, Chairman and CEO of LifeTech Scientific. “2017 marks a turning point for China’s FDA approval policies and process, which creates unprecedented opportunities for overseas life science companies entering the China market, from which the LifeTech-ABG partnership is uniquely positioned and equipped to work with global medtech companies to benefit.”
“LifeTech has a proven track record in commercializing innovative medical devices in China and overseas and in collaborating with global medtech companies in localizing world-class products in China, which is increasingly critical for foreign technologies entering into China” said Frank Yu, ABG’s Founder, CEO and CIO. “The ABG team has invested in -- and has been working closely with -- LifeTech since 2011, which has been very successful. This strategic partnership breaks new ground in coupling investments in -- with operational value-add to -- global medtech companies entering the China healthcare market.”
In December 18, 2017, LifeTech’s HeartTone implantable cardiac pacemaker has been approved by the China Food and Drug Administration (CFDA), which is an example for the company leveraging its local know-how to localize overseas high-end technology in China. In October 2012, LifeTech became Medtronic’s strategic partner in China to localize Medtronic’s implantable cardiac pacing system in China, and making the product obtained the CFDA approval in less than 9 months through a well-planned regulatory strategy including green channel and clinical waiver. Going forwards, LifeTech will continuously focus on the R&D, manufacturing and sale of minimally invasive interventional medical devices, while leveraging the power of capital to accelerate further development.
About Ally Bridge Group
Ally Bridge Group (“ABG”), founded and led by Frank Yu, is a global healthcare-focused investment firm. ABG and its affiliates manage over $1.5 billion in healthcare assets in China, the U.S., and Europe. ABG has expertise in cementing strategic partnerships between emerging healthcare companies and industry leaders, and across different geographies, particularly between the U.S., China and Europe. In 2012, the ABG team played an instrumental role in Medtronic’s investment-in and partnership with Lifetech. In 2016, Medtech SA, a leading French surgical robotics company, was acquired by Zimmer-Biomet several months after ABG’s investment. ABG is also a significant shareholder in Wuxi Pharmatech, a leading global life science service company, which ABG helped take private from the NYSE in end-2015 for US$3.3 billion.