Mercury Capital invests in Novotech
Australian CRO Novotech has secured a funding injection from private equity firm Mercury Capital and plans to put the funds towards expansion efforts.
Mercury Capital has picked up a 30% stake in Novotech for an undisclosed sum and has the option to lift its stake to 50% at a later date.
Novotech CEO Alek Safarian welcomed the investments. “Novotech is focused on the fast-growing Asia region,” he said. “We are already active in 10 countries in the region [and] this investment will further accelerate our expansion plans.”
Sydney-based Novotech is Australia’s largest independent CRO and is currently managing around 70 trials across the region for its biotech and pharmaceutical clients. The company was established in 1996.
Mercury Capital founder Clark Perkins has previously publicly expressed an interest in Novotech, citing the company’s organic and acquisition growth opportunities throughout Asia, and the fact that Novotech is growing much faster than the underlying annual growth of the CRO market.
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