New deal to expand Icon’s cancer care globally


Having established its integrated cancer care model in Australasia and South-East Asia, Icon Group is now pushing forward with global expansion plans thanks to a significant new investment deal.

EQT Infrastructure, which manages more than €70 billion (AUD$111 billion) in worldwide assets, has agreed to buy the private cancer care provider from a consortium including Goldman Sachs, which will retain a minority holding.

“Icon Group is revolutionising the way cancer care is delivered through an integrated model that enables access for all patients through the decentralisation of care in major cities and bringing cancer care services to the patient in the one location,” said Ken Wong, Partner and Head of EQT Infrastructure’s Asia Pacific Advisory Team. 

“This best-practice cancer care model is well validated in Australia and South-East Asia, and EQT’s investment will enable this next phase of growth around the world. 

“It’s an exciting time to be involved in Icon, and importantly for EQT to be a partner in bringing this model of care to all cancer patients.”

Icon Group runs 31 radiation and medical oncology clinics across Australia and New Zealand, as well as 51 hospital pharmacies, and has extended internationally with 14 centres in Singapore, mainland China and Hong Kong.

It is also Australia's largest operator of private cancer trials and has the biggest Phase One clinical trials program nationwide, while producing more than one million cancer drug infusions each year through its compounding business.

Icon opened Australia's first private integrated cancer care centre at North Lakes in Brisbane in 2016

“Our international network has a track record of delivering world-class cancer care to areas of unmet need,” Icon Group's Global CEO Mark Middleton said.

“Now, we can drive the next phase of global growth and market leadership through further investment in critical infrastructure and cutting-edge technologies.”

Icon's business has remained resilient during the COVID-19 pandemic, with the group bringing to market a first-of-its kind advanced radiation therapy treatment in the Southern Hemisphere, and also investing $50 million to create three new cancer centres and a state-of-the-art compounding facility in South Australia.

“Our whole network, led by an experienced executive team and strong clinical leadership, are aligned to our mission of delivering the best care possible, to as many people as possible, as close to home as possible,” Mr Middleton said.

“We are proud to have partnered with a company that shares our values and will enable progress to deliver on this goal, and in turn provide for more patients.”

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