Chinese Cancer Screening Firm to Pick Goldman, UBS for IPO
Chinese Cancer Screening Firm to Pick Goldman, UBS for IPO
(Bloomberg) -- New Horizon Health Ltd., a Chinese maker of home test kits for colon cancer, has picked Goldman Sachs Group Inc. and UBS Group AG to arrange its planned initial public offering in Hong Kong, according to people familiar with the matter.
The seven-year-old company is considering raising about $300 million from the share sale, said the people, requesting not to be named because the matter is private. The startup, which counts Qiming Venture Partners and Duke Management Co. among its investors, aims to kick off the share sale as soon as the third quarter, one of the people said.
The Covid-19 epidemic is spotlighting inadequacies in China’s healthcare system, spurring investor interest in companies focusing on improving everything from cancer detection to drugs and online diagnosis. New Horizon Health is set to join firms like WeDoctor in targeting an IPO this year even as travel restrictions have made due diligence in mainland China difficult.
New Horizon Health detects colon cancer by allowing users to ship stool samples back to its laboratory after using its home test kits. Founded by Zhu Yeqing, a former GE Capital executive, the company’s investors also include Fountainvest Partners and Legend Capital, according to its website.
Last month, the startup raised $20 million in a series-D funding round led by private equity firm Omniscience Capital and Exome Asset Management LLC. The company has raised more than $130 million in total.
Details of New Horizon Health’s offering including size and timeline could change as deliberations are still at an early stage, the people said. New Horizon Health’s founder Zhu, representatives for Goldman Sachs and UBS declined to comment.
©2020 Bloomberg L.P.