According to the latest report published at the Vietnam Mergers and Acquisitions Forum 2024, the total value of Japanese merger and acquisition (M&A) deals in Vietnam in 2024 reached $167 million, a sharp decrease compared to $1.55 billion in the previous year.

Phi Hoa, founder and CEO ONE-VALUE

However, the number of transactions increased to 21 deals, showing that despite the lack of blockbuster deals, Japanese enterprises still maintain their expansion strategy into Vietnam through small and medium-sized deals.

This clearly reflects that Japan’s interest in the Vietnamese market remains substantial, despite global uncertainties such as geopolitical tensions and tariff risks. Healthcare services and medical support, along with high technology, semiconductors, retail, and energy, are emerging as focal points of this investment wave.

For example, the deal in which Elan acquired 51 per cent of TMC Vietnam, in which we provided end-to-end advisory services, serves as clear evidence of the shift in Japanese investment strategy. No longer focusing solely on manufacturing, finance, and retail, Japanese enterprises are making a strong move into healthcare services and medical supply chains – a sector with immense growth potential in Vietnam over the next decade.

The success of this deal could set a precedent for a wave of future M&A transactions, paving the way for deeper collaboration between businesses from both countries. Vietnam is gradually solidifying its position as one of the most important strategic markets for Japanese enterprises in Southeast Asia, and this is only the beginning of a new investment wave.

The Vietnamese market boasts a high growth rate, a young population, and a rapidly expanding healthcare system. Elan’s decision to make Vietnam the first destination in its Southeast Asia expansion strategy is no coincidence. The company recognises the long-term potential of medical support services, especially amid the strong growth of private hospitals.

Moreover, acquiring TMC not only enables Elan to accelerate market entry but also allows it to leverage an existing customer network to swiftly roll out its Care Support Set – its flagship product.

This year, the fundamental factors sustaining Japan’s investment wave into Vietnam remain unchanged. While 2024 witnessed the rise of mid-sized and small-scale M&A transactions, 2025 is expected to mark a significant transformation, with Japanese conglomerates making bold moves in technology, financial services, and healthcare.

The ongoing shift of capital away from China continues to drive the expansion of supply chains into Southeast Asia, with Vietnam emerging as a top destination. Japanese enterprises are increasingly focusing on high technology, AI, semiconductors, and research and development, aiming not only to leverage Vietnam’s skilled workforce but also to expand their influence within the global value chain.

Interest in the semiconductor industry is also rising sharply, particularly as Vietnam implements structured investment policies to attract capital into this sector.

At the same time, healthcare services and pharmaceuticals are emerging as a strategic investment sector. Vietnam is in the early stages of upgrading its healthcare infrastructure, with a strong demand for modern equipment, premium healthcare services, and private hospitals. This presents a golden opportunity for Japanese corporations to establish their presence not only through direct investment but also through M&A transactions, enabling rapid market entry.

Beyond healthcare, consumer finance, digital banking, and fintech are also gaining traction among Japanese investors. The rapid growth of e-commerce and personal finance demand is creating opportunities for Japanese conglomerates to expand operations through M&As.

Another noteworthy trend is the growing proactivity of Vietnamese enterprises. In addition to being a prime destination for Japanese capital, Vietnamese businesses are expected to seek investment opportunities in Japan through reverse M&A transactions. Companies specialising in technology, financial services, or food supply chains could emerge as key players in the Japanese market in the near future.

Vietnam is entering a crucial phase in its integration and foreign investment attraction. M&As are not only a tool for Japanese businesses to expand their market share, but also an opportunity for Vietnamese enterprises to elevate their position and integrate into the global value chain. The investment wave from Japan in 2025 will continue and expand with highly strategic transactions, laying the foundation for a sustainable partnership between the two economies.

MELBOURNE, Australia and PORTO ALEGRE, Brazil, March 18, 2025 /PRNewswire/ — Telix Pharmaceuticals Limited (ASX: TLX, Nasdaq: TLX, Telix, the Company) today announces that the Brazilian Health Regulatory Agency (Agencia Nacional de Vigilancia Sanitaria or ‘ANVISA’) has approved Illuccix® (kit for the preparation of gallium-68 (68Ga) gozetotide injection) the Company’s lead prostate cancer imaging agent. Illuccix® is the first and only PSMA-PET[1] prostate cancer imaging agent to receive full regulatory approval in Brazil.

Illuccix®, after radiolabeling with 68Ga, is a radioactive diagnostic agent indicated for positron emission tomography (PET) of prostate-specific membrane antigen (PSMA) positive lesions in men with prostate cancer:

• With suspected metastasis who are candidates for definitive initial therapy treatment, and
• With suspected recurrence based on an elevated specific antigen (PSA) level in the serum.

The marketing authorization is granted to Telix’s partner R2PHARMA, Brazil’s leading cold kit manufacturer, nuclear pharmacy and cyclotron network, and a subsidiary of GSH Corp Participações S.A. (Grupo GSH). Telix has provided Grupo GSH with an exclusive license to manufacture, distribute and market Illuccix® in Brazil[2].

PSMA-PET is a diagnostic technology demonstrated to detect advanced prostate cancer. ANVISA becomes the latest regulatory body worldwide to approve Illuccix®[3], which is already commercially available in Australia, Canada, New Zealand and the United States, and has recently been approved in the United Kingdom and in multiple countries within the European Economic Area (EEA).

Dr. Sérgio Altino de Almeida, nuclear medicine specialist, at Rede D’Or, the largest integrated healthcare network in Brazil said, “The ANVISA approval of Illuccix provides access to advanced prostate cancer imaging for men across Brazil, a large and rapidly growing market for gallium-68 based radiopharmaceuticals. The ‘cold kit’ format with generator-produced gallium will facilitate broad equity of access for men living with prostate cancer, regardless of whether they are based in regional, rural or metropolitan areas.”

JV to manufacture and distribute radiopharmaceuticals for clinical and commercial use in Brazil

Telix also announces a joint venture (JV) with R2PHARMA to commercialize and distribute Telix’s therapeutic and diagnostic radiopharmaceutical products in Brazil, building on the existing partnership established in 2019. The JV further strengthens this relationship with a commitment to jointly bring to market innovative and first-in-class therapeutic radiopharmaceuticals and imaging agents in Brazil.

The market for radiopharmaceuticals in Brazil is experiencing significant growth driven by the increasing prevalence of chronic diseases such as cancer, advancements in imaging technologies, and a growing senior population. Over the next decade, the Brazilian radiopharmaceuticals market is projected to reach US$330 million[4], with this growth supported by rising investments in the healthcare industry, public health awareness, and the introduction of new and advanced radiopharmaceuticals.

Under the agreement, Telix and R2PHARMA will establish a JV company in Brazil (Telix Innovations Brazil, Ltda.). Telix Innovations Brazil will hold the exclusive licence to commercialize and distribute Illuccix® as well as future product candidates from Telix’s industry-leading theranostic pipeline. Telix Innovations Brazil will leverage the local knowledge and expertise of R2PHARMA to obtain the necessary licenses and governmental authorizations in Brazil[5].

Raphaël Ortiz, CEO Telix International, added, “Telix is pleased to bring Illuccix to Brazil and Latin America, with this new imaging modality now recognized in leading clinical practice guidelines and already being adopted in other parts of the world. We would like to acknowledge our partner R2PHARMA for their commitment to gallium-based PSMA-PET and the hope this brings for men living with prostate cancer in Brazil. The JV takes our collaboration to the next stage with the aim to address unmet need for therapeutic and diagnostic radiopharmaceuticals across a range of disease areas.”

R2PHARMA Nuclear Medicine & Innovation Vice-President, Rafael Madke, continued, “We are delighted to have been granted this marketing authorization for Illuccix in Brazil. The combination of Telix’s innovative theranostic pipeline and R2PHARMA’s manufacturing and distribution capabilities will support widespread access for patients and physicians to Illuccix and future additional products that until now have not been available in Latin America.”

For more information visit: http://r2pharma.com.