Private equity firm TPG is selling more than 10% of its clinical research and testing provider Novotech Ltd to a group of investors.
The transaction will value Novotech at more than $2.3 billion as the company prepares for an initial public offering in Hong Kong later this year, said Joel Thickins, head of Australia and New Zealand for TPG Capital Asia. He is also chairman of Novotech.
The valuation makes the company one of the most successful investments for the private equity group in Asia, he said. The Sydney-based firm has increased revenues by more than 30% a year under TPG’s ownership since 2017, most recently helping with clinical trials for Covid-19 vaccines, as well as cancer and hepatitis drugs.
An international private equity consortium consisting of BroadPeak Global, Asia Green Fund, and The Saudi Arabian Industrial Investments Company announced that they have signed a definitive agreement whereby the Group will purchase the Clean Technologies business of DuPont de Nemours for $510 million in cash.
As part of the transaction, Tensile Capital Management is providing preferred equity financing. The transaction is expected to close in the second quarter of 2021 subject to customary closing conditions and regulatory approvals.
The Group and DuPont are working together to execute a seamless transition plan that will serve Clean Technologies and its global customer base both reliably and safely.
Chinese biotech company Abbisko Therapeutics has raised $123 million from more than a dozen investors, including The Carlyle Group and Warburg Pincus LLC.
Abbisko said in a news release that Carlyle led the latest fundraising with Warburg, OrbiMed, Lake Bleu Capital, and an unnamed Boston-based investor as the joint leading investors. Other investors include Janchor Partners, Sage Partners, SHC, and Greater Bay Area Homeland Development Fund.
The company, which did not disclose its valuation in the fundraising, said the proceeds will be used to accelerate the progress of its clinical programs and further expand its preclinical pipeline.