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.
Utah-based fintech startup MX said on Wednesday it raised $300 million in a funding round led by private equity firm TPG, giving it a valuation of $1.9 billion, as companies and investors seek to bet on the fast-growing e-commerce sector.
The boom in e-commerce and other contactless payment technology during the pandemic resulted in a record year for venture capital investments in U.S. fintech companies with $20.6 billion invested.
Other investors in the fund-raising round include CapitalG, Geodesic Capital, Greycroft, Canapi Ventures, and Digital Garage.
App-based Indian cosmetics retailing startup Nykaa plans to go public by early 2022 at a valuation of more than $3 billion according to a person aware of the matter.
Private equity firm TPG-backed Nykaa’s plans for an initial public offering comes after good subscriptions and successful listings such as Everstone Capital-backed Burger King India, and Blackstone-backed Mindspace Business Parks.
Nykaa also counts India’s Hero Enterprise and Fidelity Management, LLC among its backers, according to media reports.