GL Capital closes $240m SciClone Pharmaceuticals continuation vehicle led by ADIA

GL Capital, one of China’s leading healthcare-focused private equity firms, has closed a c.$240 million continuation vehicle for SciClone Pharmaceuticals (SciClone) led by the Abu Dhabi Investment Authority (ADIA).

Since GL Capital’s initial investment in 2012, SciClone has established itself as a leading China-focused specialist pharmaceutical company focused on oncology and immunity. The continuation vehicle allows GL Capital to retain control of SciClone and continue to scale the company’s commercial operations, advance its pipeline execution and pursue selective business development opportunities. The transaction, among the largest GP-led secondaries completed in China this year, provides a full exit for GL Capital Opportunities Fund II (2015 vintage) which invested in 2017. Limited Partners were given the option to continue participating in the company’s future value creation via the continuation vehicle, or to receive liquidity at an attractive return.

Since Fund II’s investment in 2017, the company has achieved consistent financial growth, with a 7-year revenue CAGR of 15.3% and an EBITDA CAGR of 26.5%, including through COVID-19-impacted years and regulatory changes. The continuation vehicle will allow GL Capital to further scale the business through continued depth of sales channels, high-quality R&D and product expansion. The vehicle was led by a wholly owned subsidiary of the ADIA.

Rede Partners acted as exclusive advisor to GL Capital on the transaction.