Icon Group, Australia’s largest dedicated provider of cancer care, has announced the acquisition of Hong Kong’s oncology-focused group, SunTech Medical Group.
Icon said the acquisition represents another step forward in its strategic expansion into Asia.
According to CEO Mark Middleton, “Hong Kong’s cancer spend is expected to nearly double from AUD $2.45 billion to over AUD $4.5 billion by 2026 due to an ageing population and increase in medical tourism from mainland China.
"We see an opportunity to complement existing cancer care providers by increasing capacity in the market to meet this growing demand. As such, we have sought out a partner who is equally committed to providing the very best services in this area and we have found this in SunTech Medical Group.
“The founding clinicians of SunTech represent the pinnacle of exceptional expertise and quality of care. Coupling SunTech’s strong clinical leadership and local reputation for excellence and Icon’s Group’s investment in world class technology, education and training, we have formed a strong, synergistic partnership that ensures we can deliver the best cancer care possible, to as many people as possible in Hong Kong and the surrounding regions.”
SunTech was founded by clinical oncologists and colorectal surgeons in Hong Kong and comprises of a network of specialists.
“We are delighted to have partnered with Icon and introduce them into the Hong Kong market," said Dr Peter Man-Lung Teo, chairman and founding doctor of SunTech Medical Group.
"This deal will strengthen our capabilities to deliver exceptional care and sustain our projected growth plan that enables ongoing investment into the best cancer technology and specialists. We look forward to joining Icon on their mission to support as many patients as we can to navigate their individual cancer journeys.”
“Icon has a proven track record of delivering quality integrated cancer care services across Australia, mainland China and Singapore and we’re excited to expand our expertise into Hong Kong. This is another step forward in establishing our capabilities in the region and we have a strong pipeline of future partnerships that will enable us to continue to bring our cancer care expertise to areas of unmet need, especially in Asia,” added Mr Middleton.
Icon said the acquisition, which is expected to complete in October, will complement its existing services in Singapore and mainland China.