Sequoia, GIC invest in TPG-backed Novotech at $2.3b valuation

Sequoia Capital and Singapore sovereign fund GIC Pte are among investors that agreed to buy a stake in clinical research and testing provider Novotech Pty from TPG, people with knowledge of the matter said.

Kaiser Foundation Hospitals also plans to invest in Novotech, according to the people, who asked not to be identified because the information is private. TPG is selling more than 10% of Novotech in a transaction valuing the company at over $2.3 billion, said Joel Thickins, head of Australia and New Zealand for TPG Capital Asia.

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