Thickins and his team started with a controlling stake in what was Australia’s biggest independent provider of clinical trials for new drugs, and has grown across 12 countries in Asia. It also merged Novotech with one of its other investments, fellow CRO PPC Group, which is based in Shanghai. The combined group is the largest specialist biotech CRO in Asia.
TPG sold a minority stake in the group to a handful of institutions earlier this year and attracted a $US2.3 billion ($2.95 billion) valuation. Lazard ran that process.
Its decision to appoint two investment banks to lead and underwrite the IPO is a clear sign TPG Capital is serious about getting Novotech on the bourse. Novotech’s expected to be in front of potential investors in coming months, subject to market conditions.