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.
Temasek Holdings and GIC will acquire a significant stake in Novotech to fuel growth and accelerate acquisitions for the clinical research and testing provider, valuing the company at more than A$3 billion ($2.53 billion), people familiar with the matter said.
Existing backer TPG will also reinvest through its Asia VIII US$5.3 billion fund, Novotech said in a statement, confirming an earlier Bloomberg News report. The company’s earnings before interest, depreciation and amortization has grown fivefold since TPG’s initial investment in 2017, the people said, asking not to be identified because the matter is confidential.
