Clearbridge Health to list on Catalist; seeking to raise $24.6 million

Clearbridge Health to list on Catalist; seeking to raise $24.6 million

Benjamin Cher
11/12/17, 05:15 pm

SINGAPORE (Dec 11): Clearbridge Health has announced an initial public offering to list on the Singapore Exchange (SGX) Catalist Board with an invitation issue of 88 million shares at 28 cents each, to raise $24.6 million.

This issue represents approximately 18.3% of the enlarged share capital of 481 million shares of Clearbridge, bringing its market capitalisation post listing to approximately $134.7 million.

Clearbridge formerly ran an accelerator programme to incubate and accelerate healthcare technology start-ups, managing a $40 million fund to invest in life-sciences companies under the SPRING Singapore Biomedical Sciences Accelerator programme, before pivoting and renaming itself Clearbridge Health.

The company’s business comprises of three segments: laboratory testing services, medical clinics, and strategic equity participation in precision medical technology companies.

Jeremy Yee, chief executive officer and executive director of Clearbridge Health, was a former chief executive officer of Cordlife. The senior management of Clearbridge were also formerly from Cordlife.

“We aim to promote precision healthcare in Asia, by empowering patients with greater access to health information and increasing patient survival by taking advantage of best-in-class technologies and workflows to provide a wide range of better purpose-suited products and services,” says Yee in a statement on Monday.

The company hopes to leverage on Singapore’s status as a medical tourism hub for a ready supply of patients, as well as the growing demand for healthcare around the region.

Clearbridge intends to grow its medical clinics and centres in Asia, and has already entered into a term sheet agreement to potentially acquire a medical centre in the Philippines.

The company also intends to collaborate to market new medical technologies and expand its laboratory testing services business organically or inorganically. 

Of the proceeds, $11 million has been earmarked for expanding medical clinics and centres, while $3 million has been allocated to expanding the laboratory testing services.  The proceeds will also be used for working capital and general corporate purposes.

“There is huge potential for greater adoption of precision medicine in Singapore and around the region,” says Yee. “The listing will serve as a platform for the group to grow our comprehensive suite of healthcare services.”

“We will continue to look for suitable opportunities to grow our network of medical clinics and centres, while expanding and strengthening our market position in laboratory testing services. We will also continue to invest and pursue breakthroughs in promising medical technologies that will position us as the leading healthcare player for the future,” he adds.

The invitation will close at 12 noon on Dec 14, with trading expected to commence at 9am on Dec 18.

Can IBM remake itself with hybrid cloud play Red Hat?

SINGAPORE (Nov 19): Legendary corporate icons can plunge from their exalted status to irrelevance in little or no time. The unfolding saga of General Electric, the world’s largest company by market capitalisation until Microsoft overtook it at the start of the tech boom in 1999, is a case in point. GE, which has been slowly shedding assets since the global financial crisis in 2008, has seen its downward slide escalate over the past two years. Its once lofty stock has plunged 77% from its recent July 2016 peak, and is down 87% from its July 2000 all-time high when it ....

Malaysia reopens submarine probe, questions former PM Najib

KUALA LUMPUR (Nov 20): Malaysian anti-graft authorities have reopened investigations into a contentious submarine deal 16 years ago involving former prime minister Najib Razak, the latest corruption probe facing the embattled Najib. Since losing a May election, Najib has been charged with multiple criminal offences and has been subject to corruption investigations, some linked to a multi-billion dollar scandal at state fund 1Malaysia Development Berhad (1MDB). Najib has pleaded not guilty to all charges. Investigators with the Malaysian Anti Corruption Commission (MACC) are now also l....

Noble comes under investigation for potential accounting & regulatory breaches

SINGAPORE (Nov 20): Singapore authorities are launching an investigation into beleaguered commodities trader Noble Group and its wholly-owned subsidiary, Noble Resources, amid the group’s controversial debt restructuring exercise. According to a joint statement issued on Tuesday by the Singapore Police Force (SPF), Commercial Affairs Department (CAD), Monetary Authority of Singapore (MAS) and Accounting and Corporate Regulatory Authority (ACRA), Noble is suspected of making “false and misleading statements” as well as breaches of disclosure requirements under the Securities and Future....