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Singapore’s Esco Secures $200M in Oversubscribed Series A to Develop Cell and Gene Therapy Equipments
On May 26th, Singapore-based Esco Lifesciences (Esco) obtained $200 million in an oversubscribed Series A funding. Esco said that it is one of the largest private rounds by an Asia-based life sciences tools company.
Esco’s Series A was led by the US investment company Vivo Capital and Novo Nordisk Foundation’s wholly-owned company Novo Holdings A/S. Other investors included DBEI, a Singapore-based global investor, China Investment Corporation, and other unnamed investors.
“We hope to facilitate Esco’s global expansion and to elevate Esco into an Asian global life science industry leader, to fulfill its mission of improving lives through science,” said Shan Fu, Managing Partner and CEO of Greater China for Vivo Capital.
The proceeds will be mainly invested in three locations. First, to support the establishment of a cell and gene therapy hub in Boston. Second, the funding will enable Esco to expand markets in China to maintain growth and conduct M&A along the way, which is a part of the Esco 3.0 transformation plan. Third, it will help elevate the R&D, licensing, and commercialization of life science research tools in emerging markets.
“Novo Holdings established its Asia presence with the opening of its Singapore office in January of this year, and our investment in Esco is a very important milestone in the development of our regional ambitions,” said Amit Kakar, Senior Partner, Head of Novo Holdings Asia, and incoming Esco board member.
Esco’s line of products comes from its four business units, ranging from life science tools such as incubators and ULT freezers, fertility technologies to increase the IVF (In Vitro Fertilization) success rate, R&D, clinical, and commercialization solutions to contract development and manufacturing organization (CDMO) services.
What’s more, the firm currently has eight manufacturing hubs in four countries, including the EU, the US, Singapore, and China.
Related Article: Singapore Targets Widespread Implementation of Precision Medicine, Launches Phase II of its 10-Year Plan
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