Singapore-headquartered biotech specialist CRO Novotech’s stake acquired by Temasek and GIC
Novotech, a full-service biotech specialist clinical research organization (CRO) with its headquarters in Singapore, announced that GIC and Temasek affiliates have inked legally binding agreements to purchase a sizeable portion of the business. The additional funding will be used to help Novotech expand internationally.
According to a statement released by Novotech last Sunday, current investor TPG will also reinvest through its TPG Asia fund.
The statement claims that Novotech will be able to pursue more organic growth and game-changing M&A opportunities thanks to the reinvestment by TPG Asia and the investments from GIC and Temasek.
This is a component of Novotech’s goal to become the first CRO with a genuinely global biotech focus.
In addition to focused expansion in the US and Europe, Novotech Chief Executive Officer John Moller welcomed the new investment and stated that the company was uniquely positioned to continue its growth in the Asia Pacific region, where demand for clinical trials is expected to grow at a rate of 15% annually.
He claims that Novotech, which employs 3,000 people and has experience with over 6,000 clinical projects, is already headed toward becoming a significant player in the CRO market on a global scale.
“We are excited by the new support of GIC and Temasek, and the continued support of TPG, as we continue to scale the business while maintaining our high-quality standards,” he noted.
Additionally, he emphasized that the company has a strong presence in the Asia Pacific area, which is only becoming more well-liked for international trials as outsourcing, especially among biotechs, continues to grow, and that it has made substantial acquisition gains in the US and Europe.
“This investment will ensure we can continue our record of winning a growing share of larger, multi-region trials, particularly ones with a center of gravity in Asia, and it will also enable us to pursue larger, transformation acquisitions as our industry inevitably consolidates,” he added.
One of the top full-service clinical CROs in the world, Novotech has more than 30 offices worldwide and offers biotech and small- to mid-sized pharmaceutical companies a quicker route to market.
Currently, the company operates in North America, Europe, and the Asia-Pacific region, and it has partnerships with over 5,000 trial sites.
The company holds a prominent position in the most cutting-edge fields of clinical research, including mRNA trials, radiopharmaceuticals, and cell and gene therapies.
“Novotech’s growth and performance has been outstanding over the years, and we are delighted to remain involved for the next stage of its global expansion,
“Since our investment in 2017, Novotech has grown from a 300-person organization operating predominantly in Australia and New Zealand and some parts of Asia, to now a 3,000-person organization with a global presence,” said Joel Thickins, Co-Head of TPG Asia and Co-Managing Partner of TPG Capital Asia.
