Top Chinese Private Equity Firm Plans $1B Sale of Medical Device CDMO Leader Quasar Medical

On October 5, 2026, Bloomberg reported:Boyu Capital, a Leading Domestic Private Equity Firm, Is Planning to Sell Quasar Medical, the Leader in Medical Device CDMO, with an estimated overall valuation exceeding $1 billion (approximately RMB 6.7 billion).

The company was acquired by Boyu Capital just three years ago, when its valuation had barely exceeded $600 million. Today, that figure has risen from $600 million to $1 billion, nearly doubling its worth.

Market speculation suggests that potential buyers could include major customers such as Johnson & Johnson, Medtronic, Abbott, and Boston Scientific.

Change of Ownership Twice in Three Years

Quasar Medical, established in Hong Kong in 1988, is a wholly foreign-owned enterprise (Israel) engaged in CDMO (Contract Development and Manufacturing Organization).

Its client roster is impressive: Johnson & Johnson, Medtronic, Abbott, Boston Scientific, Philips, BD... Nearly all of the world's top medical device companies are included. The company website shows that Quasar has 11 facilities worldwide and approximately 5,000 employees.

In 1992, the first manufacturing plant commenced operations in Shekou, Shenzhen, and relocated to the Xili Phase II facility in 2003. In 2017, a second factory was established in Dongguan. In September 2022, construction officially began on the company’s sixth global facility—the Qiushi Electronics Robotics Industrial Park in Songshan Lake, Dongguan. With a building area of 34,000 square meters, it is currently the largest production base, with an estimated annual output value of RMB 1.5 billion at the time. Additionally, the company operates a manufacturing plant in Thailand, an engineering office in Israel, a commercial headquarters in the United States, and a Singapore facility acquired in 2021 from Creganna Medical, a subsidiary of TE Connectivity.

Core products encompass high-end medical devices such as cardiac sensors, respiratory system catheters, and aesthetic devices, spanning multiple high-barrier fields including electrophysiology, interventional cardiology, structural heart disease, and neurovascular disorders.

In April 2019, The Longreach Group acquired a majority stake from the founder’s family, becoming the controlling shareholder. Barely three years later, in November 2022, Longreach began auctioning off this asset under its portfolio.

In May 2023, Reuters revealed:The Autumn Time acquisition, with Goldman Sachs managing the bidding process, saw Boyu Capital, Hillhouse Capital, and private equity fund BPEA EQT competing side by side, while General Atlantic and several strategic buyers also joined the fray. At that time, Autumn Time was valued at $600 million or higher.

Boyu Capital emerged as the ultimate winner. In July 2023, the deal, valued at over $600 million (approximately RMB 4.3 billion), was finalized.

Two years later,On July 29, 2025, Quasar Medical announced the relocation of its global headquarters from Hong Kong to Singapore.The new headquarters is equipped with enhanced extrusion, braiding, balloon manufacturing, advanced assembly automation, and cutting-edge inspection systems. Supported by 180 local employees, the facility is projected to grow its workforce to over 300 within three years, in line with its growth strategy. CEO Alex Wallstein stated, “Singapore is a key medtech hub, and this relocation will accelerate our ability to deliver advanced catheter technologies.”

So the question arises: Having held it for just three years with its valuation still on the rise, why the rush to sell?

As a private equity fund, Boyu Capital held its position for three years, during which Quasar’s valuation rose from $600 million to over $1 billion, with investment gains already realized. According to Frost & Sullivan statistics, the global CDMO market size increased from $39.4 billion in 2017 to $63.2 billion in 2021, representing a compound annual growth rate (CAGR) of 12.5%, and is projected to reach $124.3 billion by 2025. Therefore, the timing of this divestment is opportune.

However, discussions are still in the preliminary stages and may not necessarily lead to a deal. According to reports, representatives from Boyu Capital and Quasar did not respond to requests for comment.

So, who will ultimately secure this deal? Will the rumored $1 billion valuation be finalized? MedTech Home will continue to monitor the situation.