King & Wood Mallesons is advising Australia's largest provider of medical oncology, Icon Group on a joint venture with Yibai Healthcare to run radiation oncology centres in China.

Icon entered into an agreement with China's Yibai Healthcare which is part of the Shanghai-listed GuiZhou YiBai Pharmaceutical company. Yibai raised approximately $500 million to establish the new cancer centres over two years.

Quadrant Private Equity owns 55% of Icon, the group’s clinicians own the remainder.

KWM’s cross border team was led by partner Mark McNamara (Australia), supported by special counsel Alex Elser. Partners Martyn Huckerby and Mark Zhang (Shanghai) supported by senior associate Jiang Liang, advised Icon on all PRC aspects of the deal.

Commenting on the deal, partner Mark McNamara said, “We are delighted to continue to support Icon as it extends its footprint in the health and care sector into China and the rest of Asia. Our cross border team drew on expertise in both Australia and Shanghai to achieve this important JV for the Icon Group.”

KWM teams in Australia and Singapore also advised Icon on its recent acquisition of Singapore Oncology Centre.