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TPG Sells More Than 10% of Novotech to Investors Ahead of IPO

  • Transaction values testing company at more than $2.3 billion
  • Novotech expected to list in Hong Kong later this year

Private equity firm TPG is selling more than 10% of its clinical research and testing provider Novotech Pty 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.