Global investment firm Hillhouse is emerging as one of the final few bidders for Everlife Holdings in a deal that could value the Asian healthcare services company at up to $1 billion, two people with knowledge of the matter said.

The deadline for the final binding bid for Everlife, which offers products and solutions to clinical and scientific laboratories in South and Southeast Asia, is Jan. 31, according to one of the sources.

Both sources declined to be named as the bidding details remained confidential.

The other bidders include international investment firm Vitruvian Partners, according to one of the sources.

Reuters reported in October that Singapore-headquartered private equity firm Everstone Capital has hired BDA Partners to run the sale of Everlife.

Hillhouse, Vitruvian and BDA declined to comment.

Everstone and Everlife did not immediately respond to requests seeking comment.

The sale process comes as healthcare assets in Asia are attracting more investors’ interest due to the region’s growth and the sector’s ability to weather a challenging economic environment.

Everlife supplies clinical laboratories and hospitals with products for health and diagnostic screening and testing, according to its website. Its other products include laboratory equipment and consumables.

The company, which counts healthcare venture firm Cure Capital as a minority investor, offers its products from over 250 suppliers in areas from clinical diagnostics to life sciences across seven countries including India and Singapore.

Founded in 2005, Hillhouse is an alternative investment firm headquartered in Singapore with staff of over 500 globally in over 18 countries, according to its website. Besides Singapore, it also has offices including in New York, London and Hong Kong, among others.

Hillhouse has been an active investor in the healthcare sector, having invested in Australian medical researcher George Clinical in end-2022.

Reuters