Two Singaporean sovereign wealth funds have acquired a major stake in Novotech in a deal that values the clinical trials business owned by private equity giant TPG Capital at more than $3 billion.
While declining to disclose the size of the shareholding, Novotech said GIC and Temasek had agreed to by a “significant stake”. TPG, led by its regional executive Joel Thickins, have been working with bankers at Jefferies and Goldman Sachs to find investors for the company for more than 18 months.
Loading…