TPG Completes Investment in Leading Contract Research Organization OPC Holding Company
Acquisition will help accelerate company’s growth in Greater China
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:
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)