Sequoia Capital and GIC to acquire a 10% stake in Novotech from TPG for $2.3bn.

Sequoia Capital, an American venture capital firm, and GIC, a Singapore sovereign fund, agreed to acquire a 10% stake in Novotech, a clinical research and testing provider, from TPG, a private equity firm, for $2.3bn. “Novotech is a platform asset for us in Asia and a testament to the sector-led strategy we have pursued in differentiating ourselves from other sponsors,” Joel Thickins, TPG Capital Head of Australia and New Zealand.