OrbusNeich Medical Group Limited, a Hong Kong-based firm that develops medical devices for vascular intervention, has secured $200 million in two funding rounds to double down on its new and existing product development in Greater China and worldwide.
The transactions were led by China’s Shenzhen Capital Group, together with its healthcare-focused investment platform Red Earth Healthcare Investment Fund, the investee announced on Monday.
CCB International, an investment services firm owned by China Construction Bank (CCB); CICC Biomedical Fund, which is affiliated with China’s CICC Capital; China Merchants Securities Investment; Shenzhen Share Capital Healthcare Fund; and other family offices participated.
Founded in 2000, OrbusNeich specialises in the development, manufacturing, and sales of medical devices for the treatment of vascular disease. Its product portfolio includes the world’s first dual therapy stents — COMBO Plus and COMBO Dual Therapy Stents — as well as coronary stents, specialty balloons, and microcatheters.
The firm’s history can be traced back to 1979, when industry veteran Teddy Chien founded Neich Medical as the exclusive representative for US-based medical devices developer Cordis Corporation in Asia. The venture was subsequently sold to Johnson & Johnson when the industry giant acquired Cordis in 1996.
Neich Medical was relaunched in 1999 to focus on the development of medical devices in the field of interventional cardiology. In 2005, it acquired Orbus Medical Technologies, which focused on the European medical community, and rebranded as “OrbusNeich” as part of its continuing international expansion.
Currently, OrbusNeich runs a distributor network covering over 60 countries across six continents, with direct sales teams in Greater China, Singapore, Malaysia, Japan, Germany, Switzerland, Spain, and France. With its headquarters in Hong Kong, the firm also has operations in Shenzhen, China; Florida, the US; and Hoevelaken, The Netherlands.
The support from Chinese investors could help OrbusNeich raise its stakes in China — the largest market for interventional cardiology devices in the Asia-Pacific region. The market in China is expected to remain the biggest in Asia through 2025 with a compound annual growth rate (CAGR) of 4.7% in the following years, according to market research firm GlobalData.
“The existing and pipeline products of OrbusNeich have comprehensively covered interventional cardiology treatments with commercialised products not only in coronary intervention but also peripheral intervention. OrbusNeich has also been expanding into neuro-intervention and structural heart markets,” said Zhan Guifeng, general manager at China Merchants Securities Investment.
“Leveraging on OrbusNeich’s global presence, the team at OrbusNeich is capable of converting local market information into its R&D work and pipeline products, and introducing them into China,” said Zhan.
In a separate statement in Chinese, OrbusNeich said that the new deals came shortly after it closed “tens of millions of US dollars” in a Series A round jointly led by CICC Biomedical Fund and China Merchants Securities Investment. China’s Share Capital backed the earlier transaction.