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Categories
| Khazanah invests US$25m in US orthopaedics firm |
| Business & Market 2009 | |||
| Written by Financial Daily | |||
| Thursday, 02 July 2009 11:04 | |||
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In a statement yesterday, Khazanah said the investment was made as part of a US$108 million Series D financing round undertaken by SBi, together with other investors including Goldman Sachs Group, Inc, integrated venture capital company Malaysian Technology Development Corporation Sdn Bhd (MTDC); The Family Office of Bahrain and Trevi Health Ventures. SBi was founded in 2004 by Viscogliosi Brothers, LLC, a New York-based merchant banking firm, as one of the earliest companies in the orthopaedics industry to focus exclusively on technologies and treatments for small bones and joints. It currently offers a broad clinically proven portfolio of products to treat these anatomies manufactured through its facilities in the US, France and Germany. Its latest product, Scandinavian Total Ankle Replacement System (STAR Ankle) recently obtained the approval of the US Food and Drug Administration. Khazanah said with its investment, SBi had decided to set up its Asia-Pacific hub in Kuala Lumpur to undertake activities such as biomaterial research, product development, surgeon education and distribution in the region. SBi has facilities in New York and Morrisville, US; Bourg-en-Bresse, France and Donaueschingen, Germany. Khazanah said SBi was also currently exploring the possibility of establishing an Asia-Pacific manufacturing base in Malaysia for its products. It said SBi’s presence in Malaysia was expected to create additional skilled knowledge workers in the areas of new technology and product development, and Malaysia’s nascent medical devices industry would be enriched by SBi’s presence. It added that the human capital development of the local orthopaedics ecology in particular would benefit from potential collaborations between SBi and the local researchers, entrepreneurs and surgeons. The orthopaedics industry builds on the precision engineering technology platform of electrical and electronic manufacturing. Khazanah believes the strategy of developing the nascent local industry through international collaborations would achieve the desired catalysing effect. This article appeared in The Edge Financial Daily, July 2, 2009.
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