PE group invests in Australia's Novotech

PE group invests in Australia's Novotech
US private-equity group Mercury Capital has bought a 30 per cent stake in Australian CRO Novotech. 

The investment – specifics of which were not disclosed – grants the Mercury the option of increasing its stake in Novotech to 50 per cent.

Mercury founder Clark Perkins told the Wall Street Journal “there’s a strong trend of major pharmaceutical companies outsourcing, which has led to underlying annual compound growth in the market of between 5% and 10%,”​ adding that “Nanotech is growing much faster than this​.”

Novotech – which describes itself as Australia’s largest independent CRO – was founded in Sydney in 1996 and is focused on running clinical trials in Australia, China, India, Taiwan and South Korea​.

CEO Ale Sarafian said the firm “is focused on the fast-growing Asia region. We are already active in 10 countries in the region on behalf of our biotechnology and pharmaceutical clients.

He added that: “This investment will further accelerate our expansion plans.” 

Trials down under

The deal comes just a few months after the publication of a report calling for revision to Australia’s clinical trial regulations.

The landmark report set out 21 recommendations designed to improve Australia’s healthcare system, including measures designed to encourage the growth of the country’s clinical trials sector.

Ideas range from an online approval system for studies and the establishment of eight to ten regional ethics committees to the implementation of a national clinical trials liability insurance scheme and the creation of a Government office to oversee such reforms.

Related news

Show more

Related products

show more

Using Define-XML to build more efficient studies

Using Define-XML to build more efficient studies

Content provided by Formedix | 14-Nov-2023 | White Paper

It is commonly thought that Define-XML is simply a dataset descriptor: a way to document what datasets look like, including the names and labels of datasets...

Overcoming rapid growth challenges with process liquid preparation

Overcoming rapid growth challenges with process liquid preparation

Content provided by Thermo Fisher Scientific - Process Liquid Preparation Services | 01-Nov-2023 | Case Study

A growing contract development manufacturing organization (CDMO) was challenged with the need to quickly expand their process liquid and buffer preparation...

Why should you use clinical trial technology?

Why should you use clinical trial technology?

Content provided by Formedix | 01-Nov-2023 | White Paper

New, innovative clinical trial technology is helping to revolutionize the research landscape. COVID-19 demonstrated that clinical trials can be run much...

Related suppliers

Follow us

Products

View more

Webinars