Accuron MedTech Group yesterday announced the official opening of its new S$10 million Technology Centre in Singapore.
The 22,000 sq. ft. Technology Centre features facilities such as a fully-equipped chemistry lab, 3D prototyping lab, engineering lab, clean room manufacturing and medtech sterilisation facilities. The new Technology Centre is located next to the global headquarters of AMT, Accuron MedTech’s medical technology contract manufacturing business.
At the event, Abel Ang, group CEO of Accuron MedTech, said: “From today, all the incubation companies we invest in, will have access to the facilities and services in this new $10M Centre.”
This enables Accuron MedTech to expand the synergies across its portfolio companies by bringing them together in a shared physical location.
Accuron MedTech’s portfolio companies will also be able to access AMT’s 44,000 sq. ft. of critical advanced manufacturing capabilities such as rapid prototyping, turnkey manufacturing, cleanroom manufacturing and assembly, 3D printing, and medical device sterilisation.
“In addition to the facilities, our portfolio companies will have access to Accuron MedTech’s senior management team,” Ang revealed, adding that the management team is made up of healthcare executives with more than 100 years of combined healthcare commercialisation expertise. Companies can also tap into critical commercialization support resources such as: R&D, finance, HR and business development.
Proximity to these critical capabilities allow Accuron MedTech Group’s portfolio companies to focus on innovation – without having to unnecessarily incur capital expenditure or manpower expenditure as they seek to bring their medical devices to the global market.
Asked about expansion plans in line with the new centre, Ang, told Human Resources: “In Singapore, we have grown by more than 40% to 230 across the group in the last 3 years. The bulk of the increase was in technology commercialisation activities: research, clinical operations, corporate and business development, and advanced manufacturing. We will continue to expand in the areas that the company has been growing in.”
The opening of the Technology Centre is aligned with Accuron MedTech’s strategy to make future investments in deep-technology start-ups. Earlier in 2018, Accuron MedTech announced a co-investment of S$20 million together with SEEDS Capital, the investment arm of Enterprise Singapore, to identify and catalyse the growth of high-potential Singapore-based start-ups.
Accuron MedTech has a clearly defined strategy to invest in highly-innovative, category-disrupting technology companies that are complementary to its core urology business and will provide further growth catalysts for its global business. In the last four years, Accuron MedTech has done more than 10 strategic transactions, including investments in renal companies AWAK Technologies and Advent Access, and NASDAQ-listed ASLAN Pharmaceuticals.
The first portfolio company to move its headquarters to the Technology Centre is AWAK Technologies, a medical technology company focused on dialysis using regeneration technology for end-stage renal disease. As more companies move to the Technology Centre, Accuron revealed that there is potential to expand the available space by 50%.
Ang was joined by Philip Yeo, chairman of Accuron MedTech Group, and S Iswaran, Minister for Communications and Information & Minister-in-charge of Trade Relations, for the opening of the newly-constructed facility in Tuas.
At the event, minister S Iswaran said: “The Group’s ongoing investments in Singapore-based deep-tech startups to spur future growth opportunities are in line with the Committee on the Future Economy’s (CFE) recommendations to envision new pathways for Singapore’s economic development, and foster partnerships within the ecosystem that will enable innovation and growth. Accuron MedTech’s continued emphasis on innovation and value creation will undoubtedly strengthen its position as a regional and global front-runner in the medtech sector.”
HSBC announces plans to relocate Singapore headquarters to Marina Bay Financial Centre in 2020
In other related news, HSBC Singapore yesterday announced it will be relocating its head office to Marina Bay Financial Centre (MBFC) Tower 2, within the Central Business District, to accommodate the company’s rapid growth plans.
The bank revealed it will occupy 140,000 sf over the top floors on the 50-storey building. Fit-out work is expected to commence in the second half of 2019, with target occupation by April 2020.
HSBC Singapore will have signage rights to the building. It will also be investing substantially in the new workplace to create an environment that is conducive to collaboration; encourages innovation and an entrepreneurial mindset; and trigger new ways of working for employees, it said in a press statement.
HSBC Singapore’s CEO, Tony Cripps, said: “HSBC is committed to growing its presence in Singapore and the move to MBFC is a real statement about our intentions. The decision to move to MBFC was the logical next step in our growth strategy and will enable us to further service current and future clients.”
Photo / Accuron MedTech