Two key healthcare investors have merged to create the largest dedicated investment manager in their specialist sector, which will see the duo hold more than $21bn in combined assets.
Through the deal between European specialist healthcare investor, Global Healthcare Opportunities (GHO) and Asian asset manager, CBC Group, the two companies will join forces to serve companies in the pharma, life sciences, diagnostics, medtech and healthcare sectors.
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The merger will see both companies extend their current footprint – creating a firm that holds a presence across the key North American, Asia-Pacific (APAC) and European regions, which currently account for around nine-tenths of the global healthcare R&D spend.
By working in tandem, the companies will integrate their employee base of more than 200 investment and operational professionals situated across 13 offices. Upon the merger, GHO’s co-founder, Mike Mortimer and CBC’s CEO, Fu Wei, will take the helm as co-CEOs of the new firm, while fellow GHO co-founders, Andrea Ponti and Alan MacKay, will take up board responsibilities for group finance and governance, respectively.
If the merger closes as expected in 2027, the existing funds and portfolio companies from both entities will continue to operate as normal, with no changes to governance, ownership or investment mandates.
According to GHO Capital’s vice chair and co-founder, Mireille Gillings, the new firm will place a key focus on “high-growth, innovation-led opportunities” – including artificial intelligence (AI)-based approaches that she says could help deliver “better, faster and more accessible healthcare”.
In a statement to Pharmaceutical Technology, GHO noted that success within the global healthcare landscape hinges on a firm’s ability to “operate seamlessly across trans-Atlantic and trans-Pacific markets.”
“North America, Europe, and Asia-Pacific represent 90% of global healthcare R&D spend. Combining with CBC Group was the natural choice; both firms have been pioneers in healthcare investing in their respective regions, and we share an entrepreneurial, hands-on approach with strong cultural alignment and mutual trust,” GHO added.
APAC gains ground on global R&D stage
GHO and CBC’s merger comes as the APAC region gains significant ground in the global R&D market, as China takes the helm in terms of clinical trial initiations in Q1 2026, according to GlobalData analysis.
In recent years, China’s role in the pharma space has grown away from its traditional roots in generic and ‘me too’ drug manufacturing, with the country climbing the ranks to become one of the top global producers of innovative medicines that hold first- or best-in-class potential. As a result, many Western companies in the pharma space are partnering with Chinese biotechs to provide fresh assets to their pipelines amid the looming patent cliff facing the sector.
Outside of China, other APAC countries have also been attracting attention, with experts previously telling Clinical Trials Arena, sister publication of Pharmaceutical Technology, that cost efficiencies and large patient pools in India make it an increasingly attractive base for clinical studies.
Australia is also cementing itself as an up-and-coming leader in early-stage trials, key opinion leaders (KOLs) say, due to its fast regulatory approval times, centralised populations and flexible tax environment.
