SINGAPORE: Singapore-based The Sylvan Group, backed by members of the Hyundai and Rockefeller families, said on Wednesday that it had bought majority stakes in four Singapore healthcare and pharmaceutical firms for US$140.5 million.
Chung, a grandson of the founder of Korea's Hyundai Group conglomerate, told Reuters the fund aims to raise the remaining US$200 million by around the second half of 2023. Sylvan's acquired companies are Juniper Biologics, which develops therapies in cancer and gene therapy, and Artemis Health Ventures, a provider of orthopaedic services. Radiology and imaging services firm DX Imaging and Juniper Therapeutics are the other two acquisitions.
"We are investing into mid-size companies that either have strong potential social impact through their businesses or could improve much more by changing their value chains or have solutions for social and environmental problems," he said.