TPG refuels $4b Novotech in equity, debt funding round

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TPG refuels $4b Novotech in equity, debt funding round
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TPG Capital’s contract medical research business Novotech has raised $US760 million ($1.06 billion) to restock its balance sheet and prepare for potential acquisitions.

Novotech, an Australian founded business that has expanded significantly in Asia, picked up $US255 million from a handful of equity investors and $US505 million via a debt refinancing. The debt had been due to mature in 2023.Novotech said the equity went to “several global institutional investors, sovereign wealth funds and healthcare focused investors”, along with some of the existing institutional shareholders.

Novotech’s existing investors include TPG, Singapore sovereign fund GIC, America’s Kaiser Foundation Hospitals and Sequoia Capital China Growth. TPG Capital Asia is the controlling shareholder. The deal valued Novotech at about $US3 billion , the company said. UBS advised Novotech and TPG on the raising.A and tech enablement initiatives and seek to better serve our biotech and pharmaceutical clients and support the clinical research industry in the development of a wide spectrum of therapeutic areas,” Novotech boss John Moller said in a statement on Wednesday.

. It is expected to dust off IPO plans as early as this year, although it may look to markets outside of Hong Kong including the United States. TPG acquired Australia’s Novotech in 2017 and merged it with another clinical research organisation and portfolio company, PPC Group, in 2020.Get a first look at tomorrow's headlines

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