HONG KONG, SHENZHEN, China and SAN FRANCISCO, Jan. 8, 2018 /PRNewswire/ -- Ally Bridge Group ("ABG"), a global healthcare-focused investment firm, has entered into a strategic partnership with LifeTech Scientific Corporation (SEHK: 1302), a leading innovative medical device company in China, 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 ABG-LifeTech partnership encompasses three key components: 1) ABG and LifeTech commit to being the preferred partners to each other for global medtech investments and operations; 2) LifeTech commits to invest in ABG's funds, which has already been -- and will continue to be -- investing in some of the world's most innovative medtech companies; 3) ABG and LifeTech commit to setting up a joint investment fund (subject to regulatory approval) dedicated to investing in innovative medical technologies globally and expediting their development and commercialization in China by leveraging favorable China policies and LifeTech's proven capabilities.
"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."
"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 opens up unprecedented opportunities for overseas life science companies entering the China market, from which the ABG-LifeTech partnership is uniquely positioned and equipped to work with global medtech companies to benefit."
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 US$1.5 billion in healthcare assets in China, the U.S., and Europe, from medtech to biopharmaceuticals. 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.
About LifeTech Scientific Corporation
LifeTech Scientific Corporation ("LifeTech") is a leading innovative medical devices company in China, focusing on the manufacturing and sale of minimally invasive interventional medical devices. The company is the second largest supplier of occluders for congenital heart diseases globally (and the largest among BRIC countries). In October 2012, LifeTech became Medtronic's strategic partner in China to localize Medtronic's implantable cardiac pacing system in China. Leveraging its local know-how, LifeTech helped Medtronic localize its pacing technology under the HeartTone brand in China and obtained the CFDA approval in less than 9 months through a well-planned regulatory strategy including green channel and clinical waiver. LifeTech has extensive global sales network including 160 dealers in about 90 countries, especially in Southeast Asia, Russia, CIS and MEA.