30 Sep 2022
GenesisCare’s cardiology arm demerges from network to become Australia’s largest standalone cardiology services provider
Sydney, AUSTRALIA – GenesisCare, one of the world’s largest providers of integrated cancer care, has today announced the successful divestment of its cardiology services network.
This follows the announcement that Australian based investment manager Adamantem Capital would become the new investment partner for the new standalone cardiology, sleep and respiratory medicine business, comprised of more than 100 private practices and a team of 100+ cardiologists and respiratory physicians, and 700+ technicians and support staff.
GenesisCare’s Global Chief Executive Officer and Founder, Dan Collins, said the move marks a new chapter for both businesses: “Over the past two decades our cardiologists and support teams have raised the bar on care for Australians living with heart disease. It’s been a privilege to be part of that journey and I wish the entire cardiology team all the very best on their mission to improve the heart health of more Australians.
“This is a natural next step for both organisations. For GenesisCare, we will now focus our efforts solely in the oncology space, driving our growing network of world-class services, and investing in game-changing research and innovation globally.”
Chief Executive Officer of the newly independent organisation, Dr David O’Donnell, added: “We are delighted to be entering this exciting new phase of growth and innovation as a standalone cardiology provider. Adamantem shares our mission to reduce the impact of heart disease in Australia, through the direct high-quality comprehensive care we provide to our patients, but also for Australians as a whole, through education, research partnerships, and preventative medicine.”
The cardiology, sleep and respiratory medicine network will continue to operate under the GenesisCare brand during a transitional period, with services available to patients as usual.
GenesisCare was advised by Record Point, Morgan Stanley, PwC, and Herbert Smith Freehills, and Adamantem was advised by Grant Samuel, EY, Gilbert + Tobin, and Skye Capital.