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Singapore sovereign wealth funds set to acquire ‘significant stake’ in biotech CRO Novotech
SINGAPORE: Singapore sovereign wealth funds GIC and Temasek are set to acquire “a significant stake” in Singapore-based biotech specialist clinical research organisation (CRO), Novotech.
Novatech provides biotech to small to mid-sized pharmaceutical companies and both GIC and Temasek have inked a binding agreement to acquire the sizeable stake they are eyeing. Novotech’s existing investor TPG is also set to inject more funds into the company, according to a press statement posted on the company website.
Novotech is a full-service clinical CRO that operates across the Asia-Pacific region, North America and Europe, bolstered by partnerships with more than 5,000 trial sites. The funds GIC, Temasek and TPG Asia are investing will be used to pursue further organic growth as well as M&A opportunities.
Novotech Chief Executive Officer John Moller said, “Novotech is already on its way to be a major global player in the CRO space, with 3,000 employees and experience across more than 6,000 clinical projects.”
“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 added.
