JSR Life Sciences is parting ways with its CRO business Crown Bioscience, selling the unit to a Chinese clinical lab service provider in a deal valued at $204 million (PDF).
The new holder of the Crown is Adicon, a Hangzhou-based network of medical laboratories that is a portfolio company of The Carlyle Group, a global investment firm. The deal is set to close in 2026, according to a Nov. 13 release, after which Crown will operate independently under Adicon’s banner.
Crown is an oncology specialist that boasts more than 1,000 tumor organoid models, according to the release, with locations across the U.S., Europe and Asia.
Adicon is paying $120 million upfront for the CRO, according to a Nov. 16 presentation about the acquisition (PDF), with payments of $40 million and $44 million to follow at the end of 2026 and the middle of 2028 if certain conditions are met.
“This acquisition represents an important milestone in Adicon’s growth journey,” Yang Ling, chairwoman of Adicon and head of Asia healthcare at Carlyle, said in the release. “With Crown Bioscience’s world-class CRO capabilities, Adicon is expanding its reach across the global healthcare value chain—from clinical diagnostics to drug discovery and translational research.”
Adicon was particularly drawn to Crown’s claimed 95% client retention rate, 97% client satisfaction rate and collection of more than 3,400 cancerous tissue samples from patients, according to the presentation.
JSR initially bought Crown in 2017 for $400 million, praising the CRO’s “science-rich approach.” In May, Crown’s interim CEO, John Gu, ascended to the role full-time while also maintaining his title of chief operating officer.
"Adicon's deep domain expertise and financial backing from The Carlyle Group will empower Crown to scale its groundbreaking oncology services to new heights,” JSR’s President and CEO Tim Lowery said in the Nov. 13 release. “As part of our long-standing onshore strategy, Crown remains firmly committed to serving clients through its global network of facilities, including its headquarters in San Diego and recent investments in the U.S. and Europe.”