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Treasury & Capital Markets
TPG expands pan Asian healthcare network with Taiwan acquisition
Global alternative asset firm TPG continues to expand its pan Asian healthcare network through an acquisition of a majority stake in OPC Holding Company).
The Asset 4 Sep 2017
Global alternative asset firm TPG continues to expand its pan Asian healthcare network through an acquisition of a majority stake in OPC Holding Company, a leading Taiwanese and regional contract research organization (CRO).
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 a strong presence in China, Taiwan, South Korea and Japan, which will help TPG accelerates its growth in the Greater China region.
As part of the transaction, OPC founder Jason Chen will transition to the role of chairman. Additional terms of the deal, which was announced on September 4, were not disclosed.
In acquiring OPC, TPG partner Scott Chen notes that China’s pharmaceutical industry has entered a new phase of innovation-driven growth on the back of new regulations that aim to raise drug quality to international standards.
This new regulatory context includes the requirement for a large portion of generic drugs to, within a tight timeframe, re-conduct bioequivalence (BE) trials creating demand that outstrips existing supply.
OPC’s 20-year BE trial experience positions the company favourably to tap into this new demand. In addition, OPC’s institutional and industry know-how across a range of novel drug trials will allow the company to benefit from the anticipated exponential growth period for innovative drug development in China.
OPC operates through three major subsidiaries. These include Protech Pharmaservices Corporation, which offers early development services trials, including Phase 1 pharmacokinetics and BE trials. The company has performed more than 2,000 projects for Taiwanese, Japanese and Chinese customers since its inception.
The other subsidiaries are A+ Inc, a CRO unit that focuses on later stage development services for novel drugs, and APC, a new joint venture set up in February 2017, together with Xuzhou Medical University, that includes a specialized BE/Phase 1 unit to tap into China’s pent-up demand for BE studies.
TPG Capital Asia’s investment in OPC adds to its growing pan Asia healthcare network following its recent announcement to invest in Sydney-based Novotech, Australia’s largest independent CRO.

UBS was the financial adviser to OPC for the transaction, while Baker McKenzie acted as the legal counsel. Cleary Gottlieb Steen & Hamilton LLP and LCS & Partners in Taiwan served as the legal advisers to TPG in the deal. 

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