The deal will help TPG make a full exit from its previous investment in 2017 in Asia VI. Novotech in 2021 suspended its Hong Kong public share sale due to Covid-related market volatility and investor uncertainty.
“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,” Chief Executive Officer John Moller said in a statement.
TPG would remain controlling shareholder of the company after the deal. Spokespeople at TPG, Temasek and GIC declined to comment on the financial details of the transaction.
Since TPG’s investment in 2017, the firm has raised its headcount tenfold to 3,000 employees and expanded its operations globally, establishing a presence in Europe and North America in addition to its original focus on Australia, New Zealand, and parts of Asia.
