Novo Holdings has acquired a minority stake in Chinese medical-device manufacturer ForYou Medical, backing the company’s international expansion as demand grows for advanced wound-care products and specialist healthcare manufacturing.
GL Capital, which previously invested in ForYou Medical, will remain the company’s majority shareholder, according to Novo Holdings.
Founded in 2005 and based in Huizhou, Guangdong province, ForYou Medical operates as a contract development and manufacturing organisation focused on advanced wound-care products. Its capabilities span polymer and biomaterial research, product development, regulatory affairs and large-scale manufacturing. The company supplies wound-care products to healthcare companies across Europe, North America and Asia, Novo Holdings said.
The investment gives Novo Holdings exposure to China’s healthcare manufacturing sector as global medical-device companies increasingly turn to specialist manufacturers for product development, regulatory support and commercial production.
Advanced wound care is benefiting from structural demand drivers including ageing populations, rising rates of chronic wounds and increased adoption of specialised treatment products, according to Novo Holdings.
“China continues to strengthen its position as a global centre for healthcare innovation and advanced manufacturing,” Amit Kakar, managing partner and head of Asia at Novo Holdings, said in a statement.
Novo Holdings said it plans to work with GL Capital and ForYou Medical’s management to expand the company’s international customer base, strengthen its innovation capabilities and support overseas growth.
The deal adds to Novo Holdings’ investments across healthcare and life sciences, while marking a strategic partnership with GL Capital, one of China’s healthcare-focused private equity investors.
