Singapore’s GIC and Temasek join TPG as Novotech investors

Singapore-based, state-owned investors GIC and Temasek have acquired holdings in Novotech, with current owner TPG reinvesting in the CRO through its TPG Asia fund.

The investments—announced last week—follow various reports suggesting that TPG, headquartered in San Francisco, California, had been looking to sell the clinical research organization (CRO).

According to a press release, the investments will allow Novotech to pursue “further organic growth and transformative M&A opportunities.”

Novotech CEO John Moller said, “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, transformational acquisitions as our industry inevitably consolidates.”

The release also describes Sydney, Australia-based Novotech as being headquartered in Singapore.

Novotech declined to comment when contacted by Clinical Insider.

Acquisitions

Bloomberg reported that the investments value the CRO at around A$3 billion ($1.9 billion). The newswire also stated that TPG has retained a controlling stake.

TPG bought Novotech in 2017, with a report published at the time, suggesting it paid A$300 million to then owners Mercury Capital and company founder Alek Safarian.

Under TPG’s ownership, Novotech has made several acquisitions, including South Carolina CRO NCGS in 2022 and Poland-based trials contractor EastHORN in 2023.

Also, under TPG’s tenure, Novotech acquired Boulder, Colorado-headquartered consultancy CBR International.

Moller’s comments about Asia being a “center of gravity” for clinical trials are in keeping with recent accords Novotech has set up in the region.

In February, the CRO formed a clinical trial-focused partnership with the Wonju Severance Christian Hospital in Seoul, South Korea.

And, last month, it teamed with the Kyungpook National University Hospital (KNUH), predicting that amendments to Korea’s Advanced Regenerative Bio Act would enhance the country’s appeal as a trial destination particularly for cell and gene therapies.

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