Novotech Acquisition, Valuation, Funding & Investors

Novotech was acquired by GIC for $1.9B in March 2025, a 8.2x multiple on $228M of revenue.

Novotech acquisition price

$1.9B

Acquired by GIC · Mar 2025

Novotech revenue at acquisition

$228M

Last twelve months · Mar 2025

Novotech revenue multiple at acquisition

8.2x

EV/Revenue · Mar 2025

Cumulative funding Novotech raised

$255M

across 2 funding rounds

Novotech Overview

About Novotech

Novotech is Australia’s largest independent contract research organization with headquarters in Sydney and offices in Melbourne, Brisbane, and New Zealand. Launched Asian operations in 2007, it manages Phase I-IV trials across oncology, neurology, and rare diseases in the Asia-Pacific region.


Founded

1996

HQ

AustraliaSydney

Status

Acquired

Customer focus

B2B

Revenue model

Services

Revenue

$228M (Mar 2025)

Valuation

$3B (Jan 2022)

Novotech Acquisition

Novotech was acquired by GIC for $1.9B on 31 March 2025.

The acquisition price implies a 8.2x revenue multiple on $228M of revenue.

Before the acquisition Novotech had raised $255M across 2 funding rounds.

GIC, alongside co-investor Temasek, signed a binding agreement in March 2025 to acquire a significant stake in Novotech, a Singapore-based biotech specialist clinical research organization (CRO) that provides full-service clinical trial services to small and mid-sized pharmaceutical companies. The investment valued Novotech at over A$3 billion (approximately $1.9 billion USD) and included a reinvestment from existing shareholder TPG through its TPG Asia fund, with TPG retaining a controlling stake post-transaction. The capital injection was earmarked to support Novotech's global expansion across the US, Europe, and Asia-Pacific regions, fund organic growth initiatives, and enable transformative M&A opportunities as the CRO industry consolidates. Since TPG's initial investment in 2017 at A$300 million, Novotech expanded its headcount tenfold to 3,000 employees, grew EBITDA fivefold, executed strategic acquisitions including South Carolina-based NCGS in 2022 and Poland-based EastHORN in 2023, and established operations across Asia-Pacific, North America, and Europe with partnerships spanning more than 5,000 trial sites and experience managing over 6,000 clinical projects.

Novotech acquisition details
AcquirerDateTypePriceEV/Revenue
  • GIC
31 Mar 2025Strategic M&A$1.9B8.2x

Novotech Valuation

Novotech is currently valued at $3B, based on its undisclosed-stage round in January 2022.

Novotech valuation by funding round

Novotech valuation by funding round
DateStageValuation
Jan 2022Undisclosed stage$3B

Novotech Funding History

Novotech has raised a total of $255M across 2 funding rounds.

Novotech's first fundraising round was a undisclosed-stage round in May 2013. The most recent completed round was a $255M undisclosed-stage round in January 2022.

Novotech funding rounds

Novotech funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2022Undisclosed stage-$255M$3BNovotech Health Holdings Pte. Ltd., an Asia-Pacific biotech specialist Contract Research Organization, completed a financing round on January 19, 2022, comprising a US$255 million private placement and a US$505 million refinancing transaction totaling US$760 million. The company was valued at approximately US$3 billion post-money valuation. The private placement attracted multiple new global institutional investors, sovereign wealth funds, and healthcare-focused investors, alongside existing shareholders, representing a robust valuation step-up from the company's previous private placement completed in February 2021. TPG Capital Asia, the controlling shareholder, committed to continued long-term support for the company's future development. Proceeds from both transactions were designated to support Novotech's organic and inorganic growth strategies, including mergers and acquisitions for geographical expansion and data, AI, and tech-enabled offerings. At the time, Novotech employed more than 3,000 people across 34 office locations spanning the US, Greater China, South Korea, Australia, New Zealand, and Europe, offering a comprehensive suite of early to late-phase clinical trial services with a strong foundation in Asia-Pacific operations.
May 2013Undisclosed stageMercury Capital Investments--Mercury Capital acquired a 30 per cent shareholding in Novotech in May 2013, with an option to increase the holding to 50 per cent at a later date. The size of the capital injection was not disclosed and no public enterprise value has been reported for the transaction. Novotech is an Australian-headquartered independent contract research organisation providing outsourced clinical trial management services to United States and European biotechnology and pharmaceutical companies. Services span feasibility assessment, trial regulatory and ethics approval, investigator and site management, and protocol compliance. At the time of the investment the business employed approximately 300 staff across a network of 14 offices in 12 countries in the Asia-Pacific region. The investment was made from Mercury Capital's first fund and was intended to fund expansion of the company's Asian trial network. Mercury exited in 2017 when TPG Capital acquired the business.

Who has invested in Novotech?

1 investor has backed Novotech across its funding rounds, including Mercury Capital Investments.


Novotech Investors

Investors in Novotech by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Novotech

Novotech has acquired 4 companies to date.

Last acquisition by Novotech was on January 9th 2023. Novotech acquired EastHORN Clinical Services for undisclosed valuation.


Latest Acquisitions by Novotech

EastHORN Clinical Services
CBR International
NCGS
Clinical Network Services (CNS)
Description
EastHORN Clinical Services is a contract research organization providing clinical trial support for cardiovascular, dermatology, endocrinology, gastroenterology, metabolic, and parasitic disease studies. Services include site monitoring, project management, regulatory submissions to FDA and EMA, and staff augmentation with CRAs and nurses. The France-based firm manages Phase II-IV trials for pharmaceutical sponsors across Europe and North America.
CBR International is a San Diego-headquartered consultancy providing FDA regulatory representation, process development, and clinical program strategies for biotech and pharmaceutical firms. Its experts assist with IND submissions, PMA approvals, and CMC dossiers, drawing from experience at FDA and companies like Genentech. Services extend to quality systems implementation and audit preparation under ISO 13485 standards. Founded in 1997, CBR International operates globally, supporting clients in cell therapy and diagnostics from offices in Europe and Asia.
NCGS is a Morrisville-based contract research organization that supports clinical trials for pharmaceutical, biotech, medical device, and diagnostic firms worldwide. Operating for over 30 years, the company manages full-service development from Phase I to post-market studies with a focus on regulatory compliance. NCGS holds WBENC certification as a diversity supplier and has contributed to 34 product approvals without FDA 483 observations. Its services include site management, data capture, biostatistics, and pharmacovigilance.
Clinical Network Services Pty Ltd is a Brisbane-based contract research organization focused on Phase I and II trials in Australia and New Zealand. With experience across 145 projects, it manages full-service trials under the Fast2First brand and offers BioDesk for product development and regulatory planning. CNS serves small and medium biotech firms seeking efficient proof-of-concept studies.
HQ CountryPolandUnited StatesUnited StatesAustralia
HQ City
Warsaw
Boulder, CO
Charleston, SC
Brisbane
Deal Date9 Jan 20239 Jan 20234 May 202218 Oct 2018
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Novotech

Novotech has invested in 2 companies to date.

Latest investment by Novotech was on September 13th 2021. Novotech invested in Prospection in their $33M Series B round.


Latest Investments by Novotech

Prospection
ObvioHealth
Description
Prospection is a healthcare analytics company using machine learning on real-world data for pharmaceutical insights across 90 therapy areas. Sydney, Australia-headquartered since 2012, it partners with governments and pharma giants like Pfizer in Australia, Japan, Asia Pacific, UK, and USA on programs in immuno-oncology, diabetes, respiratory diseases, HIV, and hepatitis.
ObvioHealth is a New Jersey-headquartered digital health firm conducting decentralized clinical trials via mobile apps. Participants engage remotely using smartphones for data collection, integrating wearables like Apple Watch and Fitbit. Features include chatbots, video calls, lab scheduling, and PayPal reimbursements, supporting site-less and hybrid studies worldwide.
HQ CountryAustraliaUnited States
HQ City
Sydney
New York City, NY
Deal Date13 Sep 20218 Jun 2021
RoundSeries BSeries B
Raised$33M$19M
InvestorsMain Sequence Ventures; Morphic Ethical Equity Fd; Horizons Ventures; Cicada InnovationsDedalus Group; SPRIM; Marbruck
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Novotech Competitors

Novotech competitors include listed companies like Fagron, Fortrea, Sino Biological and Porton Pharma Solutions, and private ones like BioRay Pharmaceuticals and Aragen Life Sciences.

Public and private companies comparable to Novotech
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
FagronBelgiumBelgiumPublicly listed$1.1B$204M$1.9B2.0x
BioRay PharmaceuticalsChinaShanghaiPrivate$131M-$1.9B14.5x
FortreaUnited StatesUnited StatesPublicly listed$2.7B($814M)$1.9B1.1x
Sino BiologicalChinaChinaPublicly listed$104M$40M$2B-
Porton Pharma SolutionsChinaChinaPublicly listed$510M$82M$1.8B3.3x
Aragen Life SciencesIndiaHyderabadPrivate$179M$48M$1.4B7.8x

Novotech Public Comps

Novotech is no longer listed, but its public comps include Fagron, Fortrea, Porton Pharma Solutions, Sino Biological, PolyPeptide, Jiuzhou Pharmaceutical, Bora Pharmaceuticals, Jubilant Pharmova, Shanghai Medicilon and Syngene.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Fagron$1.1B$204M2.2x2.0x12.0x9.8x
Fortrea$2.7B($814M)1.1x1.1x(3.5x)13.8x
Porton Pharma Solutions$510M$82M3.6x3.3x22.3x25.7x
Sino Biological$104M$40M14.4x-37.8x-
PolyPeptide$451M$29M4.1x3.5x64.1x20.6x
Jiuzhou Pharmaceutical$821M$195M2.2x2.2x9.3x7.9x
Bora Pharmaceuticals$597M$215M3.7x3.2x10.2x13.0x
Jubilant Pharmova$858M$128M2.2x2.1x14.9x13.5x

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Common questions about Novotech

When was Novotech founded?Novotech was founded in 1996.
Where is Novotech headquartered?Novotech is headquartered in Sydney, Australia.
Is Novotech publicly listed?No, Novotech was acquired by GIC in March 2025.
Who acquired Novotech?Novotech was acquired by GIC in March 2025.
How much was Novotech acquired for?Novotech was acquired for $1.9B in March 2025, a 8.2x revenue multiple.
What is Novotech's valuation?Novotech was last valued at $3B in its undisclosed-stage round in January 2022.
How much funding has Novotech raised?Novotech has raised $255M across 2 funding rounds.
What was Novotech's last funding round?Novotech's last funding round was a $255M undisclosed-stage round in January 2022.
Who are Novotech's investors?Novotech's investors include Mercury Capital Investments.
Which companies are comparable to Novotech?Companies comparable to Novotech include Fagron, BioRay Pharmaceuticals, Fortrea, Sino Biological, Porton Pharma Solutions and Aragen Life Sciences.
How many companies has Novotech acquired?Novotech has acquired 4 companies, including EastHORN Clinical Services, CBR International, NCGS and Clinical Network Services (CNS).
How many companies has Novotech invested in?Novotech has invested in 2 companies, including Prospection and ObvioHealth.
What was Novotech's last investment?In September 2021, Novotech invested in Prospection's $33M Series B alongside Main Sequence Ventures, Morphic Ethical Equity Fd, Horizons Ventures and 1 other investor.

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