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Clearbridge Expands Laboratory Testing Services in Indonesia

NEW YORK (360Dx) – Clearbridge Health today announced a non-binding memorandum of understanding between its wholly owned SAM Laboratory subsidiary and two Indonesian health companies to provide diagnostics services to multiple Indonesian public hospitals.

The agreement is with Indonesia-based PT Kreasi Putra Nusantara and PT Indo Genesis Medika for the proposed subscription of a controlling stake in the enlarged issued and paid-up capital of Indo Genesis, for an aggregate consideration of approximately S$3.8 million ($2.8 million). SAM Lab will also extend to Indo Genesis an interest bearing loan of up to S$9.5 million.

Indo Genesis signed a conditional sale and purchase agreement with PT Indofarma Global Medika earlier this month for the proposed transfer of and partnering to 12 joint operations contracts, which will enable Indo Genesis to operate diagnostics laboratories in public hospitals in Indonesia. The 12 contracts collectively generated revenue of approximately S$14.6 million and a net profit after tax of S$1.5 million in the financial year ended Dec. 31 2017.

Clearbridge Executive Director Jeremy Yee said the contracts are particularly valuable because they include contracts with multiple public hospitals in Indonesia.

"Of the 12 JO contracts that Indo Genesis is proposing to acquire, six are with Grade A hospitals in Indonesia and this is impressive because there are only 16 such hospitals in the whole country," Yee said. "More importantly, laboratory services are covered by Badan Penyelenggara Jaminan Sosial, the Indonesian national health insurance system, which will ensure recurring income for Indo Genesis."

Yee said the agreement should also present opportunities to cross-sell esoteric tests and precision medicine products in Indonesia. Clearbridge currently provides renal care services at 20 hospitals in Indonesia operating under its subsidiary, PT Tirta Medika Jaya.