GIC, Temasek to acquire ‘significant stake’ in biotech CRO Novotech

Novotech provides biotech to small and mid-sized pharma companies.

GIC and Temasek have signed a binding agreement to acquire “a significant stake” in Novotech, a biotech specialist clinical research organisation (CRO).

Existing investor TPG will also reinvest in Novetech through its TPG Asia fund, Novotech announced in a press statement posted on its website.

Novotech is a Singapore-based full-service clinical CRO, providing biotech to small to mid-sized pharmaceutical companies with an accelerated path to market.

It has a global footprint across the Asia-Pacific region, North America and Europe, and partnerships with more than 5,000 trial sites, Novotech said in a statement.

The reinvestment by TPG Asia and investment from GIC and Temasek will reportedly allow Novotech to pursue further organic growth and transformative M&A opportunities.

Novotech Chief Executive Officer John Moller welcomed the new investment and said the company was uniquely positioned to continue its growth in the Asia Pacific region, where demand for clinical trials is forecasted to grow at 15% a year, in addition to focused expansion in the US and Europe.

“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,” said John Moller, CEO of Novotech.

“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 said.