Novotech snapped up by US private equity

Novotech, Australia's largest independent clinical research organisation (CRO), has been acquired by US private equity company TPG Capital for a reputed $300 million.

TPG announced it had "signed a binding agreement to acquire Novotech from Mercury Capital and Novotech founder, Alek Safarian" in a move it said would help it "achieve its growth ambitions".

The US company pointed to its own "broad geographic reach across the Asia Pacific region and a long history of investing in healthcare globally" combined with Novotech's unique position providing "integrated, clinical research solutions to its clients across the pan Asian region".