Adicon to Acquire Crown Bioscience for US$204 Million, Creating a Global End-to-End Laboratory Service Platform
Hangzhou, China – Nov.13, 2025 – Adicon Holdings Limited (“Adicon”, 9860.HK), a leading independent clinical laboratory service provider in China and a portfolio company of global investment firm Carlyle, today announced that it has entered into a definitive share purchase agreement with JSR Life Sciences, LLC to acquire 100% of the issued shares of Crown Bioscience International (“Crown Bioscience”) for a base consideration of US$204 million (inclusive of earn-out payments), and subject to customary post-closing adjustments. The transaction is expected to close in mid-2026.
Crown Bioscience is a global contract research organization (CRO) providing discovery, preclinical and translational platforms and services to advance oncology and immuno-oncology drug discovery and development. Following the completion of the transaction, Crown Bioscience will operate as a standalone entity under Adicon’s ownership, maintaining its scientific leadership and global customer relationships while benefiting from Adicon’s complementary capabilities and strategic resources. Adicon is well positioned to capture the growth from both China’s expanding demand for precision diagnostics and global trends in biopharmaceutical innovation.
Creation of a global end-to-end laboratory service platform
The transaction marks a transformative milestone in Adicon’s strategic journey – from a leading China-based diagnostics platform to a global end-to-end laboratory services provider that bridges diagnostics, clinical development, and preclinical research. By combining Adicon’s nationwide clinical laboratory network in China with the Crown Bioscience’s global preclinical and translational expertise in oncology and immuno-oncology, the partnership will enable enhanced biomarker strategies, improve translational predictivity, and help biopharma sponsors advance promising therapies toward clinical development with greater confidence and speed.
Leading capabilities in preclinical In Vivo and In Vitro oncology research
With the world’s largest patient-derived xenograft (PDX) model collection and advanced tumor organoid platforms that deliver exceptional translatability and patient response predictivity, Crown Bioscience’s expertise spans in vitro, in vivo, and ex vivo methods. Adicon will continue to support these innovative capabilities to help biopharma partners accelerate oncology drug development and improve confidence in translational decision-making.
Expanding Global Reach and Industry Partnerships
Crown Bioscience serves more than 1,100 biopharmaceutical and biotechnology companies globally, including all of the top 20 global pharmaceutical companies. Combining their global client base with Adicon’s strong relationships with hospitals and healthcare institutions across China will create an innovation ecosystem that connects early discovery with clinical validation. Following completion, approximately 23.1 % of Adicon’s combined revenue will be generated outside China, underscoring its evolution into a truly international platform.
Strengthening Financial Profile and Long-Term Growth
The transaction adds a new complementary growth engine to Adicon’s resilient diagnostics business. Stable cash flow from its independent clinical laboratory (ICL) operations, combined with Crown Bioscience’s high-growth and high-margin CRO services, provides a balanced and scalable business model. This combination is expected to unlock new revenue opportunities, and create long-term shareholder value.
Management CommentaryMs. Yang Ling, Chairwoman of Adicon and Head of Asia Healthcare at Carlyle, commented, “This acquisition represents an important milestone in Adicon’s growth journey. With Crown Bioscience’s world-class CRO capabilities, Adicon is expanding its reach across the global healthcare value chain – from clinical diagnostics to drug discovery and translational research. This transaction reinforces Adicon’s vision to become a trusted partner for biopharma innovation and precision diagnostics.”
"This transition marks a pivotal moment for Crown Bioscience," said John Gu, CEO of Crown Bioscience. "With Adicon’s strong support and the backing of Carlyle’s global network and resources, we are poised to accelerate innovation in translational oncology and expand our capabilities across key global markets. From our new Model Development Center in North Carolina to our advanced imaging and biomarker operations in the UK, we are deepening our commitment to providing clients with local access to cutting-edge science. Through our EU, UK, APAC and US initiatives, we’re institutionalizing best practices and scientific excellence across all regions, ensuring that every study reflects the same high standards and delivers the trusted Crown experience our partners rely on."
Transaction Details
- Total Purchase Price: US$204 million (subject to earnout adjustments, and customary adjustments for working capital, indebtedness, transaction expenses, and cash)
- Earn-out Price: Up to US$84 million, contingent on performance
- Outside Date: 9 months plus automatic extension for 3 months. Closing would be subject to customary conditions, including shareholder approval and regulatory clearances
- Structure: 100% equity acquisition; Crown Bioscience to become a wholly owned subsidiary of Adicon upon completion
About Adicon
Adicon Holdings Limited (HKEX: 9860.HK) is one of China’s leading independent clinical laboratory service providers, offering comprehensive diagnostic testing services primarily to hospitals, health check centers and biopharmaceuticals through an integrated network of self-operated laboratories across the country. The company provides a broad testing portfolio covering routine and esoteric tests across multiple disease areas, supported by internationally accredited laboratories that meet ISO15189 standards. With a proven track record of operational excellence, national coverage, and strong quality assurance, Adicon has established itself as a trusted partner to healthcare institutions and professionals, contributing to the advancement of precision diagnostics and improved healthcare outcomes in China.About Crown Bioscience
Crown Bioscience, a JSR Life Sciences company and global CRO, specializes in oncology and immuno-oncology drug discovery and development. We partner with biotech and pharmaceutical companies to provide innovative, tailored solutions spanning preclinical research, translational platforms, and clinical trial support. With 1,000 tumor organoid models and the largest commercially available PDX collection, our expertise spans in vivo, in vitro, ex vivo, and in silico methods. We operate multiple facilities in the US, Europe, and APAC, meeting the highest industry standards, including accreditation by the College of American Pathologists (CAP) and the International Organization for Standardization (ISO).
Forward-Looking Statements
This press release contains forward-looking statements relating to the proposed acquisition and future business expectations. These statements are based on current assumptions and involve risks and uncertainties that could cause actual results to differ materially. Adicon undertakes no obligation to update forward-looking statements except as required by applicable law.For investor and media inquiries, please contact:Investor Relations DepartmentAdicon Holdings LimitedEmail: ir@adicon.com.cnTel: 0571-87779340Website: https://investor.adicon.com.cn/
