Singapore-headquartered Novotech, a biotech specialist clinical research organization ( CRO ), has signed binding agreements with affiliates of Singapore sovereign funds GIC and Temasek to acquire a significant stake in the company, with the additional capital earmarked to accelerate its global growth. Existing investor private equity firm TPG will also reinvest through its TPG Asia fund.

Novotech, which has a global presence across more than 30 offices, is one of the world’s leading full-service clinical CROs, provides biotech and small- to mid-sized pharmaceutical companies with an accelerated path to market. It has, the company says, “a leading position in the most innovative areas of clinical research, such as cell and gene therapies, radiopharmaceuticals and mRNA trials”.

The reinvestment by TPG Asia and investment from GIC and Temasek will allow Novotech to pursue further organic growth and transformative merger and acquisition ( M&A ) opportunities, the company says, “as part of its ambition to become the first truly global biotech-focused CRO”.

The company was uniquely positioned to continue its growth in the Asia-Pacific region, states John Moller, its CEO, where demand for clinical trials is forecasted to grow at 15% a year, in addition to focused expansion in the US and Europe.

“We have a commanding presence in the Asia-Pacific region – which is only growing in popularity for global trials as the trend towards outsourcing continues, particularly among biotechs – and have made significant gains in the US and Europe through acquisitions,” Moller adds. “This investment will ensure we can continue our record of winning a growing share of larger, multi-region trials, particularly ones with a centre of gravity in Asia; and it will also enable us to pursue larger, transformation acquisitions as our industry inevitably consolidates.”