Two investment firms have acquired large stakes in global CRO Novotech, the Singapore-based company announced March 30.
GIC and Temasek have invested in Novotech with the goal of providing funds to accelerate growth, according to the release. TPG, an existing investor, is also pushing more cash into Novotech through its TPG Asia division.
The investments value Novotech at more than $1.9 billion, according to a March 30 report from Bloomberg.
“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,” Novotech CEO John Moller said in the release. “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.”
The new investments will help Novotech continue growing a global clinical trial footprint, especially in the Asia-Pacific region, Moller added.
TPG remains the controlling shareholder of Novotech, Bloomberg reported.
TPG is headquartered in San Francisco, while GIC and Temasek are both located in Singapore. All three firms invest in companies around the globe, according to the release.