Tamarind Health, a Singapore-based pan-Asian oncology-focused group backed by investors including Temasek unit 65 Equity Partners, is offering S$0.456 ($0.34) per share to privatize cancer specialist TalkMed Group.

TalkMed said in a statement on Monday that the offeror intends to delist and privatize TalkMed.

According to the statement, the transaction is expected to improve patient care by bringing together a wider range of services and expertise under a combined entity.

It will strengthen knowledge sharing among healthcare professionals, and create avenues for oncologists to sub-specialize further.

This will provide more specialized oncology care for patients and career progression opportunities for doctors.

The combined entity will be better positioned to attract patients from the region seeking high-quality and competitive treatment, strengthening Singapore’s role as a hub for medical tourism.

As part of its long term growth strategy, the combined entity may consider the option of a future listing on the Singapore exchange.

“This partnership is an extraordinary opportunity to improve care for cancer patients,

“The combined entity opens up opportunities for collaboration within a bigger oncology network,” said Dr. Ang Peng Tiam, Chief Executive Officer of TalkMed.

According to him, this means improved access to innovative treatments and a wider range of deep medical expertise.

“Taken together, this will truly transform the way we treat patients, giving them more options and improved outcomes, in line with Singapore’s ambition as a center of excellence in oncology,” he added.

Simon Chuk, Director of the offeror, a special purpose vehicle established for this acquisition which is indirectly wholly-owned by Tamarind Health, said the firm committed to supporting healthcare organizations that are making a tangible difference in addressing critical patient needs and gaps in care in oncology.

“TalkMed has established itself as one of the leaders in medical oncology with an exceptional team of medical professionals and we are excited to be partnering with them,” he added.

As part of the transaction, 65 Equity Partners, a Singapore-headquartered global investment firm backed by Temasek, will subscribe for shares in Tamarind Health through its Local Enterprise Fund, whose goal is to develop Singapore based regional champions.

“We are pleased to support the proposed creation of a premier pan-Asian healthcare provider with high growth potential,

“This aligns with our mandate of investing in Singapore headquartered businesses with regional aspirations,” said Tan Chong Lee, Chief Executive Officer of 65 Equity Partners.

Upon completion of the transaction, 65 Equity Partners, will hold approximately 18.3 percent of the voting interest in Tamarind Health while the doctor shareholders will hold approximately 31.3 percent.

A group of doctors who founded TalkMed, with a total stake of 83.06 percent between them, have given their irrevocable understanding to sell their shares. They are Ang Peng Tiam, Khoo Kei Siong, Lim Hong Liang, and Teo Cheng Peng.

TalkMed is a publicly listed company in Singapore. The firm is a premier provider of medical oncology services, treatment of adult and paediatric blood disorders and haematologic malignancies and palliative healthcare services, serving patients in the private sector in
Singapore through Parkway Cancer Center.

TalkMed also provides cellular and gene therapy related products and services through CellVec and BioCell Innovations.

Outside Singapore, TalkMed operates in Vietnam and the People’s Republic of China.

Tamarind Health, on the other hand, is a portfolio company controlled by alternative asset manager Templewater and its affiliates.

The group includes OncoCare, Solis, Luma, Can-Care and Novena Heart Centre in Singapore, Icon Cancer Centre in Hong Kong, OncoCare and Can-Care in Malaysia, and Central Luzon Integrated Oncology Centre in the Philippines.

65 Equity Partners is a global investment firm headquartered in Singapore, which provides partnership capital to entrepreneurs, families and management teams in Asia, Europe and North America.

Backed by Temasek, 65 Equity Partners manages S$4.5 billion ($3.31 billion) in funds under management.

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