12/02/2021 | Press release | Distributed by Public on 12/02/2021 17:14
Global law firm Norton Rose Fulbright has advised Sonic Healthcare Limited (Sonic), a global provider of medical diagnostics with specialist operations in laboratory medicine, pathology and radiology services, on the formation of a Joint Venture (JV) company with Harrison-AI Pty Ltd (Harrison.ai), a leading Australian healthcare AI company, to co-develop and commercialise effective and accurate clinical Artificial Intelligence (AI) solutions in pathology. In addition to forming the JV, Sonic has taken a significant strategic shareholding in Harrison.ai.
As one of the largest providers of pathology / laboratory medicine in the world, the creation of this JV marks another positive step in Sonic's strategy to remain at the forefront of medical diagnostics.
Based in Sydney, Harrison.ai is an internationally renowned company with a proven track record of building, validating and commercialising high-performance clinical AI tools at pace. With a team of more than 250 data scientists, engineers, and other staff across the group, Harrison.ai has developed clinical AI solutions in Imaging and IVF that already benefit more than 50,000 patients each month and are approved for clinical use in Australia, UK, Europe and other countries.
With a shared vision to deliver high quality healthcare, the JV combines Harrison.ai's depth of expertise and comprehensive AI methodologies with Sonic's clinical experience and distribution capability, to create new powerful AI applications to support clinicians to more effectively and efficiently diagnose patients in pathology.
Since listing on the ASX in April 1987, Sonic has grown from a single laboratory to a global market leader, largely driven by strong organic growth and the acquisition of quality businesses that share a commitment to medical leadership and excellence. Sonic is one of the world's leading healthcare providers, with operations in Australasia, Europe and North America.
The Norton Rose Fulbright team advised Sonic on all aspects of the transaction including legal due diligence, negotiation, drafting and review of key and ancillary transaction documents from the letter of intent stage through to signing.
The team was led by corporate M&A partner, Ben Smits, and supported by senior associate Adam Hunter, senior adviser Ross Phillipson, and associates Joyce Shi and Henry Yuan.
Chris Wilks, Sonic Healthcare chief finance officer and finance director commented:
"It was a pleasure to work with Ben and his team on this unique and exciting transaction. The documentation was necessarily bespoke and the NRF team were innovative, professional and commercial throughout the process. I wouldn't hesitate to use Ben and his team again."
Norton Rose Fulbright partner, Ben Smits, commented:
"We have been privileged to support Sonic on the formation of the Joint Venture with Harrison.ai, as well as their strategic investment in this rapidly growing healthcare AI company. Sonic has world class healthcare experience and a global footprint, and with this investment and partnership with Harrison.ai, Sonic will help scale the AI solutions for pathology across the globe. We look forward to seeing Sonic continue to grow and succeed with this strategic partnership and investment."
Alex Boxsell, Head of Digital, Communications & Experience, Norton Rose Fulbright in Australia
Tel: +61 (0)2 9330 8165;Cell: +61 (0)414 985 556