Hong Kong-based cancer diagnostics providers ACT Genomics and Sanomics merge

The combined group will provide oncology tests for clinical applications and assist pharmaceutical companies in diagnostics development and drug discovery

The group is looking to expand in Southeast Asia, particularly Vietnam and Indonesia

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Global spending on oncology drugs reached US$164 billion in 2020, led by a surge in innovative treatments, increasing early diagnosis and expanded patient access to treatments. Photo: Shutterstock

Published: 9:56pm, 22 Nov 2021Updated: 12:30am, 23 Nov 2021

Hong Kong-based cancer testing companies ACT Genomics Holdings and Sanomics Holdings said on Monday that they have agreed to merge, with the combined entity eyeing expansion in Southeast Asia and the Greater Bay Area.

Tentatively known as Act Genomics-Sanomics Group, the group will provide a wide variety of oncology tests for clinical applications and assist pharmaceutical companies in diagnostics development and drug discovery. No other details were provided.

ACT Genomics, originally founded in Taiwan in 2014, provides genetic tests for cancer patients to determine optimal treatment plans. Sanomics provides a similar service, specialising in lung cancer. The companies, based in Hong Kong Science Park, have received funding from Hong Kong Science and Technology Parks Corporation (HKSTP).

“Our objective is to provide the optimal diagnostic cancer care to patients around Asia-Pacific and the Greater Bay Area,” said Tony Mok, chairman of ACT Genomics and Sanomics. “We are already established in Taiwan, Hong Kong, Thailand, and we’re looking forward to establishing in Vietnam and Indonesia.”

ACT Genomics chief financial officer Victor Chan (seated left) and chairman Tony Mok (seated right) at the merger signing ceremony of ACT Genomics with Sanomics Holdings on Monday. Photo: Handout

Mok said the merger will allow them to grab a larger market share of diagnostics tests and innovative cancer solutions in the region and help them to grow much faster.

An estimated 19.3 million new cancer cases and 9.9 million cancer deaths occurred worldwide in 2020, according to data from Globocan, an online database providing global cancer statistics. Over 49 per cent of all cancer cases and 58.3 per cent of related deaths were estimated to have occurred in Asia, the data showed.

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