Harry Elias Partnership represented Aoxin Q&M Dental Group Limited in respect of its proposed acquisition of Acumen Diagnostics (“Acmen”) for a consideration of $29.4 million

The Firm represented Aoxin Q&M Dental Group Limited in respect of its proposed acquisition of Acumen Diagnostics (“Acumen”) for a consideration of $29.4 million, to be satisfied by the issue and allotment of new shares in the capital of Aoxin Q&M resulting in Acumen being a joint venture vehicle between Aoxin Q&M and Q&M Dental Group, valuing it at $60 million.  The proposed acquisition allows Aoxin Q&M to enter into the medical diagnostics industry in Singapore and captures a significant portion of the coronavirus (COVID-19) testing capacity market in support of Singapore’s national COVID-19 strategy.  The project team was involved in drafting and negotiating various transaction documents, including preparing a circular to seek approval from the shareholders of Aoxin Q&M for the proposed transaction and Singapore Exchange for the issue of new shares. 

Acumen Diagnostics is a Singapore-grown award-winning medical diagnostics and technology company that focuses on the research, manufacture, sale and distribution of PCR (polymerase chain reaction) diagnostic test kits, as well as conducting of laboratory testing, including but not limited to infectious diseases, cancer, COVID-19 and in the near term, PCR assays for dengue, sepsis and identification of bacterial pathogens and their associated antibiotics resistance in pneumonia and bloodstream infections.  The project team was led by Claudia Teo (Partner) with Huang Zhihao (Of Counsel), Tan Tien Wei and Yu Yitian (Senior Legal Associates) and Howard Goh (Legal Associate) assisting.