Novotech Secures Investment from GIC, Temasek, and TPG to Drive Global Expansion
Novotech, a globally recognized full-service biotech specialist clinical research organization (CRO), has announced a significant investment from leading global investors GIC and Temasek. The two firms have signed binding agreements to acquire a substantial stake in Novotech, with the additional capital aimed at accelerating the company’s global expansion. In addition, existing investor TPG will reinvest in Novotech through its TPG Asia fund, reinforcing its commitment to the company’s long-term growth strategy.
As one of the world’s leading full-service clinical CROs, Novotech specializes in providing biotech and small- to mid-sized pharmaceutical companies with an efficient and streamlined path to market. The company, headquartered in Singapore, maintains a strong global presence, operating across more than 30 offices worldwide. Novotech has built a robust network, partnering with over 5,000 trial sites, and has become a leader in the most innovative areas of clinical research, including cell and gene therapies, radiopharmaceuticals, and mRNA trials.
The reinvestment from TPG Asia, combined with the new investments from GIC and Temasek, is expected to significantly enhance Novotech’s ability to pursue organic growth initiatives and strategic mergers and acquisitions (M&A). This financial backing will enable Novotech to advance its ambition of becoming the first truly global, biotech-focused CRO.
John Moller, Chief Executive Officer of Novotech, expressed his enthusiasm regarding the new investment, emphasizing the company’s strong position in the Asia-Pacific region. According to Dr. Moller, the demand for clinical trials in the region is projected to grow at a rate of 15% annually. With this in mind, Novotech plans to strengthen its presence in Asia while continuing its expansion into the US and European markets.
“Novotech is already making significant strides toward becoming a major global player in the CRO space, with 3,000 employees and extensive experience spanning over 6,000 clinical projects,” said Dr. Moller. “The support from GIC and Temasek, along with the continued commitment from TPG, will allow us to scale our business while upholding the highest quality standards.”
Dr. Moller further highlighted the increasing importance of the Asia-Pacific region for global clinical trials. As outsourcing trends continue to rise, particularly among biotech companies, Novotech’s commanding presence in Asia uniquely positions it to cater to the growing demand for multi-regional trials. He also emphasized that this investment would empower Novotech to pursue larger, transformative acquisitions, reinforcing the company’s competitive edge in an industry poised for consolidation.
Joel Thickins, Co-Head of TPG Asia and Co-Managing Partner of TPG Capital Asia, praised Novotech’s outstanding growth trajectory and performance. He reaffirmed TPG’s enthusiasm for continuing its partnership with Novotech as the company embarks on its next phase of global expansion.
“Since our initial investment in Novotech in 2017, the company has experienced extraordinary growth,” said Thickins. “It has evolved from a 300-person organization primarily operating in Australia, New Zealand, and parts of Asia into a 3,000-person global powerhouse. TPG has a long history of partnering with management teams to drive long-term value creation, and by reinvesting through TPG Asia, we are excited to continue supporting Novotech’s mission to become a truly unique and global leader in the CRO space.”
TPG Asia has an established track record of investing in healthcare across the Asia-Pacific region through its platform-building strategy and strong regional presence. Its healthcare portfolio includes investments in iNova, Manipal Hospitals, One Healthcare Asia, Pathology Asia, and United Family Healthcare. These investments reflect TPG’s commitment to fostering high-quality healthcare enterprises and its ability to drive meaningful value creation within the sector.
Vincent Wong, Co-Head of Healthcare at TPG Capital Asia, echoed Thickins’ sentiments, emphasizing TPG’s dedication to building great companies through long-term partnerships. According to Wong, Novotech represents an ideal investment opportunity that aligns with TPG’s thematic approach to healthcare investment.
“Delivering high-quality healthcare depends on building strong, sustainable companies through long-term commitment,” said Wong. “Our decision to reinvest in Novotech demonstrates TPG’s deep expertise in healthcare and our belief in Novotech’s continued success. With our extensive healthcare ecosystem and the recent establishment of a regional leadership model for healthcare investments across TPG Asia, we are well positioned to support Novotech’s journey toward becoming a multi-decade success story.”
Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, also expressed confidence in Novotech’s capabilities and growth potential. He highlighted Novotech’s strong track record in delivering high-quality outcomes for its biopharma clients and its ability to expand beyond the Asia-Pacific region into global markets.
“Novotech’s proven ability to deliver excellence in clinical research has enabled it to expand into global markets beyond the APAC region,” said Choo. “We are pleased to support Novotech alongside TPG with our long-term capital and global network. As the company enters its next phase of growth, we look forward to collaborating with the management team and our partners to drive sustainable expansion through organic initiatives and strategic M&A.”
The investments from GIC, Temasek, and TPG come at a pivotal time for Novotech as the demand for biotech-focused clinical trials continues to rise. With advancements in drug development, an increasing number of biotech companies are seeking experienced CRO partners to help navigate complex regulatory landscapes and accelerate their path to market. Novotech’s unique positioning in this space, coupled with its extensive global network and deep expertise in innovative clinical research, makes it a preferred partner for biotech firms worldwide.
As Novotech embarks on this new phase of growth, the company remains committed to maintaining its high-quality standards, expanding its presence in key markets, and leveraging its strengthened financial position to drive innovation in the clinical research sector. The backing from GIC, Temasek, and TPG underscores investor confidence in Novotech’s long-term potential and its ability to deliver value to biotech and pharmaceutical companies worldwide.
With this latest investment, Novotech is poised to solidify its position as a leading global CRO, capable of supporting biotech firms in bringing cutting-edge therapies to patients across the world. The company’s growth trajectory, driven by strategic partnerships and a commitment to excellence, ensures that it will continue to play a crucial role in shaping the future of clinical research and drug development on a global scale.
