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TPG Completes Investment in Leading Contract Research Organization OPC Holding Company
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Acquisition will help accelerate company’s growth in Greater China
Transaction expands TPG’s growing Pan-Asian Healthcare Network

September 4, 2017, Beijing – TPG, a global alternative asset firm, announced today that it has acquired a majority stake in OPC Holding Company (“OPC” or “the company”), a leading Taiwan and regional Contract Research Organizations (“CRO”). As part of the transaction, OPC’s founder Jason Chen will transition to the role of Chairman. Additional terms of the transaction were not disclosed.

OPC offers clinical trial services for both small molecule generic and novel drugs, as well as biologics to pharmaceutical and biotech companies. Founded in 1997, OPC has built strong presence in mainland China, Taiwan, South Korea and Japan.

“I’m delighted to partner with TPG, a firm with longstanding investment track record in the healthcare space in Asia and globally. Its operational expertise and world-wide network will help broaden our service offerings and achieve our growth ambitions,” said Mr. Jason Chen. “I’m proud of OPC’s progress to date and I look forward to working closely with TPG to help take the company to the next level.”

“Mr. Jason Chen and the management team have built OPC into one of the leading CROs in Taiwan,” said Scott Chen, Partner, TPG. “On the back of new regulations that aim to raise drug quality to international standards, China’s pharmaceutical industry has entered a new phase of innovation-driven growth. This new regulatory context includes the requirement for a large portion of generic drugs to, within a tight timeframe, re-conduct bioequivalence trials creating demand that outstrips existing supply.

OPC is well-positioned to tap into this new demand. It brings 20 year of bioequivalence trial experience and both institutional and industry know-how across a range of novel drug trials. The company is well positioned to benefit from the anticipated exponential growth period for innovative drug development in mainland China, and we are very excited to deploy our vast healthcare resources to help it realize its full potential.”

OPC operates through three major subsidiaries:

  • Protech Pharmaservices Corporation ("PPC”), which offers early stage development services trials, including Phase I pharmacokinetics (“PK”) and bioequivalence (“BE”) trials. The subsidiary has performed more than 2,000 projects for Taiwanese, Japanese and mainland China customers since its inception.
  • A+ Inc, the company’s Pan-Asian based CRO unit that focuses on later-stage development services for novel drugs.
  • APC, a new joint venture setup in February 2017, together with Xuzhou Medical University, that includes a specialized BE/Phase I 60-bed unit to tap into China’s pent-up demand for BE studies.

TPG Capital Asia’s investment in OPC adds to its growing pan-Asian healthcare network, following its recent announcement to invest in Sydney-based Novotech, Australia’s largest independent CRO. TPG's past and present healthcare investments have spanned disciplines and geographies around the world, including pharmaceutical services leaders such as IMS, Quintiles and EnvisionRX; blood transfusion therapy and diagnostics manufacturers Fenwal and Immucor; orthopedic device company Biomet; healthcare providers such as Surgical Care Affiliates, Healthscope, Parkway, United Family Healthcare and Manipal Hospitals; and pharmaceutical manufacturers Adare, Aptalis and Par Pharmaceutical.

UBS AG served as the financial advisor to OPC; Cleary Gottlieb Steen & Hamilton LLP and LCS & Partners in Taiwan served as the legal advisors to TPG in this transaction.

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About OPC Holding Company (Cayman)
OPC is a leading Taiwan and regional Contract Research Organization that offers clinical trial services for both small molecule generic and novel drugs, and biologics to pharmaceutical and biotech companies. Founded in 1997, it has built strong presence in mainland China, Taiwan, Korea and Japan. The Company operates through three subsidiaries: PPC, the Taiwan based business unit focusing on the early stage development services including Phase I pharmacokinetics (“PK”) trials and bioequivalence (“BE”) trials for generic drugs; A+ Inc., the Pan-Asian based business unit focusing on later-stage development services (Phase II/III/IV) of novel drugs; and APC, the new mainland China joint venture with Xuzhou Medical University, operational since February 2017 to tap into China’s pent-up demand for BE studies.

About TPG
TPG is a leading global alternative asset firm founded in 1992 with more than $73 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com.

Media inquiries:

Asia:
Brunswick Group Limited
TPGASIA@brunswickgroup.com
Siobhan Zheng, +852 91315202

United States:
media@tpg.com