SYDNEY — Novotech, a leading clinical research organization (CRO) specializing in biotech trials, announced that affiliates of GIC and Temasek have acquired a significant stake in the company. Existing investor TPG is also reinvesting through its TPG Asia fund, as Novotech seeks to accelerate its global expansion.
Headquartered in Singapore, Novotech operates in more than 30 offices worldwide, supporting biotech and small- to mid-sized pharmaceutical companies. The company has a strong presence in the Asia-Pacific region, North America, and Europe and maintains partnerships with over 5,000 trial sites. Novotech is particularly active in emerging clinical research fields, including cell and gene therapies, radiopharmaceuticals, and mRNA-based treatments.
CEO John Moller said the investment will bolster Novotech’s position as a global CRO leader, particularly as clinical trial demand in the Asia-Pacific region is projected to grow by 15% annually.
“Novotech is already on its way to being a major global player in the CRO space, with 3,000 employees and experience in more than 6,000 clinical projects,” Moller said. “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.”
Moller noted that Novotech has expanded significantly through acquisitions in the U.S. and Europe, and the new investment will further strengthen its ability to secure multi-region trials with an emphasis on Asia.
TPG, which first invested in Novotech in 2017, has supported the company’s transformation from a 300-person operation in Australia and New Zealand to a global enterprise with 3,000 employees.
“Novotech’s growth and performance have been outstanding, and we are delighted to remain involved in the next stage of its global expansion,” said Joel Thickins, Co-Head of TPG Asia. “We are excited to continue the journey with Novotech to build something truly unique.”
Vincent Wong, Co-Head of Healthcare at TPG Capital Asia, emphasized the firm’s commitment to long-term value creation, citing its broader healthcare investments in Asia-Pacific, including Manipal Hospitals and United Family Healthcare.
Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, praised Novotech’s ability to deliver high-quality results for biopharma clients, adding, “We look forward to working with the management team and our partners in driving sustained growth by investing in organic initiatives and M&A.”
Terms of the transaction were not disclosed.
