Esco Lifesciences Group and Allwin Medical Devices Announce Strategic Partnership

SINGAPORE and ANAHEIM, USA - Media Outreach Newswire - 25 February 2025 - Allwin Medical Devices Inc. ("Allwin"), a leading manufacturer of a wide range of medical devices addressing women's health (IVF), urology, gastroenterology and interventional radiology has partnered with Esco, a leading global provider of life sciences equipment that serves multiple global markets including the in vitro fertilization (IVF) market, via a strategic partnership. Financial terms were not disclosed.

Esco Lifesciences Group and Allwin Medical Deal Signing, 13 February 2025

Strategic Partnership Rationale

• The IVF consumables portfolio of Allwin Medical will expand Esco's IVF instrument portfolio, and the combined product portfolio will have a complementary balance between consumables and instruments.
• IVF clinicians and embryologists who use either Allwin's consumables or Esco's time lapse or standard IVF incubators will have access to a more complete workflow solution.
• The strong sales and operational presence of Allwin Medical in India will serve Esco well by providing the company with an established base and strong presence in the country, one of the largest and fastest growing economies in the world.
• Most significantly, the management and personnel of Allwin Medical have demonstrated exceptional talent, acumen, and expertise in the IVF consumables market. Their ongoing contributions to the advancement and success of Allwin Medical is highly valued.

XQ Lin, Chief Executive Officer of Esco, said, "Infertility is a problem that has social, psychological, and economic impacts to the afflicted individuals and couples. It has been estimated that 1 in 6 couples will struggle with infertility at least once in their lifetime. This transaction brings together two companies intent on accelerating innovation for our IVF customers and enabling dreams of couples around the world. Through Esco Medical, our IVF medical devices business unit, Esco Lifesciences Group provides comprehensive ART workflow solutions to IVF clinics, laboratories, and research centers worldwide. Our integrated portfolio, including Time-Lapse Incubators, IVF Workstations, and a witnessing and traceability system designed in Denmark and manufactured in Europe, streamlines processes and optimizes outcomes. With our majority stake, strategic investment in Allwin, we will be in a strong position to fulfill our companies' missions of enabling our customers to make the world healthier, more equitable, and resilient."

Dhiren Mehta, Chief Executive Officer and founder of Allwin Medical, noted, "Allwin's mission since our inception has been to deliver high quality, innovative, and reliable product to laboratories in the IVF/ART and urology markets. We enable our customers to deliver better outcomes to patients globally. By partnering with Esco, we expect to be well-positioned to better serve our customers' needs worldwide. With Allwin we All Win!"

Dr. Amit Kakar, Managing Partner and Head of Asia at Novo Holdings, and a member of Esco's Board of Directors, added, "Novo Holdings has been a strong supporter of Esco since our investment in 2021. The strategic investment in Allwin provides a meaningful growth opportunity for Esco. We are confident that the partnership with the Allwin team and expansion of Esco's presence in IVF consumables and India will serve both companies well."

Advisors Forvis Mazars served as exclusive financial advisor to the Esco Lifesciences Group. IndusLaw and Finn Dixon & Herling LLP served as legal advisors to the Esco Lifesciences Group. Confluentia Advisors served as exclusive financial advisor to Allwin Medical. Khaitan & Co and Bryan Cave Leighton Paisner LLP served as legal advisors to Allwin Medical.

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