Novotech Secures New Investment from GIC, Temasek, and TPG to Boost Global Growth
Novotech, a leading full-service biotech clinical research organization (CRO), announced today that affiliates of GIC and Temasek have entered into binding agreements to acquire a significant stake in the company. The new investment will be used to fuel Novotech’s global expansion. Additionally, existing investor TPG will reinvest through its TPG Asia fund.
Novotech, a leading full-service clinical research organization (CRO) headquartered in Singapore, announced a significant new investment aimed at accelerating its global growth. The investment, which includes reinvestment from TPG Asia and new capital from GIC and Temasek, will enable Novotech to pursue both organic growth and transformative mergers and acquisitions (M&A). This move is part of Novotech’s goal to establish itself as the first truly global, biotech-focused CRO.
With a presence in over 30 offices globally, Novotech serves biotech and small to mid-sized pharmaceutical companies, providing them with an accelerated path to market. The company boasts a strong footprint in the Asia-Pacific region, North America, and Europe, and has established partnerships with more than 5,000 trial sites. Its expertise extends to the most innovative areas of clinical research, including cell and gene therapies, mRNA trials, and radiopharmaceuticals.
The new investment will enable Novotech to further expand in regions with growing demand for clinical trials, especially in Asia, where the market is expected to grow at 15% per year. The company is also focused on strengthening its position in the U.S. and European markets, where it has made significant inroads through acquisitions.
Novotech’s Chief Executive Officer, John Moller, welcomed the investment, highlighting the company’s unique position to continue its growth. “Novotech is already on its way to becoming a major global player in the CRO space, with 3,000 employees and experience across more than 6,000 clinical projects,” Dr. Moller said. He added that the company’s strong presence in Asia, where outsourcing for clinical trials is increasingly popular, positions it well to capture a larger share of larger, multi-region trials, particularly those with a focus on Asia. The additional capital will allow Novotech to pursue larger acquisitions, positioning the company for long-term success as the clinical trial industry consolidates.
Joel Thickins, Co-Head of TPG Asia and Co-Managing Partner of TPG Capital Asia, praised Novotech’s growth and performance, saying, “Novotech’s growth has been outstanding, and we are thrilled to remain involved in the next phase of its global expansion.” TPG’s initial investment in Novotech in 2017 helped the company grow from a 300-person organization operating in Australia and New Zealand to a 3,000-person organization with a global presence. TPG’s continued involvement will help drive the company’s future success through long-term value creation.
TPG Asia has a strong track record in healthcare investments across Asia-Pacific, with notable investments in companies such as iNova, Manipal Hospitals, One Healthcare Asia, and United Family Healthcare. Vincent Wong, Co-Head of Healthcare at TPG Capital Asia, noted that TPG’s approach of supporting successful companies for the long term aligns well with Novotech’s future ambitions. “This transaction further demonstrates TPG’s thematic investment approach and deep expertise in healthcare,” Wong said, emphasizing the firm’s commitment to Novotech’s long-term growth.
Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, also expressed his support for Novotech, noting that the company’s proven track record of delivering high-quality outcomes for biopharma customers has helped it expand beyond the Asia-Pacific region to global markets. “We are pleased to support Novotech alongside TPG, contributing our long-term capital and global network to help drive sustained growth,” Choo said. He emphasized the importance of investing in both organic growth initiatives and M&A to ensure Novotech’s continued success.
Novotech’s business model is focused on accelerating the path to market for life-changing therapies. Its service model integrates people, processes, and technologies to provide customized solutions that meet the specific needs of biotech and pharmaceutical clients. Novotech’s deep expertise in clinical trials, regulatory requirements, and local market insights enables the company to streamline trials, optimize data analytics, and improve patient recruitment strategies.
The company has received numerous industry accolades, including the Frost & Sullivan CRO Company of the Year award for 19 consecutive years, underscoring its excellence in clinical trial execution and innovation. Through its client-centric approach, Novotech continues to support innovation and advance healthcare worldwide.
With the backing of TPG, GIC, and Temasek, Novotech is well-positioned to continue its rapid expansion and further establish itself as a leader in the global CRO market, contributing to the development of therapies that improve global health outcomes.
In conclusion, Novotech’s new investment is a pivotal step in its journey to becoming a truly global, biotech-focused CRO. The capital infusion will support the company’s growth in high-demand regions, expand its presence in multi-region trials, and enable transformative acquisitions, ensuring Novotech’s continued success in the ever-evolving healthcare landscape.
