Luye Medical Group looks towards a Singapore IPO
Backed by Chinese entrepreneur Liu Dianbo, Singaporean based healthcare company Luye Medical Group is set to launch its Singapore IPO, with plans to raise up to $500mn, Bloomberg has reported.
The IPO would be one of the most significant healthcare focused offerings in the country to date, where the company is looking to further extend its international presence.
Last year, Luye Life Sciences Group opened its second global R&D facility in the US, following on from establishing a facility in New Jersey. The new Woburn R&D centre will help further the company’s divisions, Luye Pharma, Luye Medical and Luye Diagnostics, with an emphasis on furthering the research within a number of disease areas.
"R&D innovation is a core engine of our globalisation strategy," stated Rongbing Yang, President of Luye Pharma Group. "This R&D Centre allows us to further integrate our R&D resources across the world, speed up the introduction of new drugs to China, and bring our originally-developed drugs to overseas markets in order to benefit more patients worldwide."
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"Through this globalised platform, we look forward to building close connections with local universities, research institutes, the industry, and the financial sector," added Liu. "We believe these connections will allow us to seamlessly integrate our global R&D resources with those of new partners in order to streamline innovation and realise the commercialisation of high-quality biopharmaceutical products.”
However, within its new IPO, the company will seek to look at proposals from investment banks, but it has been stated that Credit Suisse Group AG, UBS Group AG and Bank of America Corp have been selected. All parties have yet to confirm the claims.
In 2017, Luye Medical acquired Pulse Health in an A$155mn deal, securing its position as one of the leading private hospital organisations in the country, but will also open doors to the New Zealand Market. The company also partnered with Yantai Yuhuangding Hospital, where it will develop a new cooperation model between the private corporation and the public hospital, sharing knowledge and best practices.
Advances in health "must ensure self-sovereign identity"
The UK government has announced that from September onwards COVID-19 vaccine passports will be necessary to gain entry into places with large crowds, such as nightclubs.
This has reignited the debate between those who believe having proof of vaccinations will enable people to gather in public places and travel safely, and those who view the digital certificates as an attack on personal freedom.
The arguments have increased in intensity since the recent announcement to drop COVID-19 restrictions in England, in a move to reopen the economy that has attracted fierce criticism both domestically and overseas.
Cross-party ministers are set to defy the government’s latest plans to introduce vaccine passports over civil liberties concerns. A number of MPs have already signed the Big Brother Watch declaration against “Covid status certification to deny individuals access to general services, businesses or jobs” in recent months.
However Mark Shaw, CEO of Tento Applied Sciences, says the Big Brother Watch campaign is based on false assumptions. “Big Brother Watch puts forward a compelling argument based around civil liberties, but some of the assumptions they make are simply incorrect” he says.
“For example, the BBW campaign claims that all Covid passes are discriminatory, counterproductive and would lead to British citizens having to share personal health information with anyone in authority, from bouncers to bosses. However, there are already privacy-first digital wallets that give individuals the freedom to store and share anonymised medical documents, work credentials and other types of documentation quickly, simply, and securely.
“I wholeheartedly agree that individuals should not be required to share their own personal health information with unknown third parties or with anyone in authority who demands it" Shaw adds. "But I strongly disagree with the suggestion that ‘events and businesses are either safe to open for everyone, or no one’. It creates a false dichotomy that either everyone is safe, or nobody is safe. If employers or event organisers don’t take action to properly manage workplace or venue safety, then they risk curtailing the safety and freedom of movement for the majority."
The subject of personal health data is under scrutiny in the UK at the moment, following controversial plans for the NHS to share patient data with third parties. These have been put on hold following public criticism.
Meanwhile a new report has found that the majority of the British public is willing to embrace digital healthcare tools such as apps and digital therapies prescribed by a trusted healthcare professional.
Shaw adds: “The vital point to make is this: innovations in health technology must ensure self-sovereign identity. This means the data held about an individual is owned by the individual and stored on their device. And, in the case of medical data, that data can be delivered from healthcare professionals to the device in an encrypted format, and the user chooses how they share their information."