Publish Date : 07-Sep-2017
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, OPCs 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.
Im 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. Im proud of OPCs 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, Chinas 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 companys 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 Chinas pent-up demand for BE studies.
TPG Capital Asias investment in OPC adds to its growing pan-Asian healthcare network, following its recent announcement to invest in Sydney-based Novotech, Australias 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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