Novotech completes fresh financing to accelerate growth
Novotech Health Holdings, a leading biotech company, announced it has raised a total of $760 million in its latest financing round, which will drive the company in pursuing further growth opportunities.
The new round includes a $255 million private placement and a $505 million refinancing transaction. This new transaction values the company at approximately $3 billion.
"We look forward to accelerating our growth by pursuing various strategic M&A and tech enablement initiatives and seek to better serve our biotech and pharmaceutical clients and support the clinical research industry in the development of a wide spectrum of therapeutic areas," Novotech CEO John Moller said.
Several global institutional investors, sovereign wealth funds and healthcare focused investors participated in the private placement transaction, along with all of the existing institutional shareholders of the company.
TPG Capital Asia, the Asia-focused private equity platform of global alternative asset firm TPG, will continue to be the controlling shareholder of the company.
The refinancing transaction, which includes a revolver and growth facility, replaces the company's existing debt facilities which were due to expire in 2023, optimizing its balance sheet.