Temasek and GIC Acquire Significant Stakes in Novotech to Propel Global Expansion” ###
Temasek and Singapore’s sovereign wealth fund, GIC, have acquired significant stakes in Novotech, a leading Clinical Research Organization (CRO) headquartered in Singapore.
TPG, an existing major shareholder, also reinvested in Novotech through its TPG Asia fund. Before this deal, TPG owned over 60% of Novotech.
Novotech, valued at approximately $3 billion after the transaction, is focused on accelerating organic growth and pursuing transformative mergers and acquisitions (M&A).
The investment aims to support Novotech's ambition to become the first truly global biotech-focused CRO, with expanded operations across Asia-Pacific, North America, and Europe.
Novotech specializes in clinical trials for biopharmaceuticals, with expertise in advanced fields such as cell and gene therapies, mRNA trials, and radiopharmaceuticals.
The CRO recorded a 23% growth in revenue in 2023, reaching $325 million, despite a $40 million loss that year.
CEO John Moller emphasized that the investment would allow Novotech to sustain its growth in Asia-Pacific and expand its footprint in the U.S. and Europe.
Novotech has over 3,000 employees, operates in more than 30 office locations globally, and collaborates with over 5,000 trial sites.
Novotech's strategic positioning within Asia-Pacific aligns with the region's growing 15% annual demand for clinical trials.