Luye Medical Group is weighing a sale of its oncology business in Singapore, people with knowledge of the matter said, potentially adding to a wave of health-care deals in the region.
(Bloomberg) — Luye Medical Group is weighing a sale of its oncology business in Singapore, people with knowledge of the matter said, potentially adding to a wave of health-care deals in the region.
The company is working with an adviser on the planned divestment of OncoCare Cancer Centre, which has seven clinics in the city-state, the people said. A deal could be worth $300 million to $400 million, the people said, asking not to be identified as the process is private.
Some health-care firms and financial investors have shown preliminary interest in the asset, according to the people. Deliberations are at an early stage and Luye Medical could still hold onto the business, said the people. A representative for Luye Medical declined to comment.
A rising middle class and an aging population have boosted demand for private medical services in Asia, accelerating deal activity in the health-care sector. TE Asia Healthcare Partners is considering selling its oncology centers in Hong Kong, Bloomberg News reported earlier this month. Sime Darby Bhd. and Ramsay Health Care Ltd. have shortlisted candidates for the sale of their $1.5 billion hospital unit in Southeast Asia, people with knowledge of the matter have said.
Luye Medical is part of Luye Life Sciences Group Ltd., which was founded in 1994, according to the company’s website. The firm owns and operates around 30 medical facilities across Australia, China and Singapore.
OncoCare is one of the largest private oncology practice in Singapore, offering services for cancer patients including radiotherapy, CT scans and MRI imaging, its website shows.
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