Hillhouse buys Australia CRO George Clinical
Hillhouse Capital has agreed to buy George Clinical, an Australia-based clinical research organisation (CRO) with a global footprint, for an undisclosed sum.
The company has over 450 employees located at sites in Asia Pacific, Europe, and the US. It provides the full range of clinical trial services to biopharmaceutical, medical device, and diagnostic customers, covering all trial phases as well as registration and post-marketing trials.
George Clinical was established in 2008 by the George Institute for Global Health, an independent medical research institute headquartered in Australia that conducts research into non-communicable diseases. The institute will retain a minority interest in the company following Hillhouse’s arrival.
According to a statement, the acquisition represents a validation of the George Clinical platform. Hillhouse will put more capital into the business, supporting the expansion of its global footprint, the extension and diversification of its therapeutic expertise, the broadening of its service offerings, and the development of processes and systems that enable greater efficiencies in project delivery.
“The management of George Clinical had the mission and vision to build a global CRO founded in Asia Pacific whose model and approach would work around the world. This is reflected in the success they have enjoyed and why Hillhouse expects to see this organisation continue to grow and improve the health of millions worldwide,” said Sean Carney, a partner at Hillhouse.
Australia’s CRO space has proved fertile ground for private equity. Last year, the Blackstone Group bought Nucleus Network for a reported AUD 600m, facilitating an exit for Crescent Capital Partners, while The Riverside Company acquired Avance Clinical.
In January, TPG Capital-owned Novotech secured USD 760m in new equity and debt financing at a post-deal valuation of approximately USD 3bn. The company was established in Australia but has expanded throughout Asia and into North America.
Hillhouse invests globally but with a focus on Asia. Its latest set of funds is split into three strategies: a growth fund closed on USD 5.2bn last year, while the firm was targeting USD 12.5bn and USD 1.5bn, respectively, for buyout and venture funds.
Bank of America Securities was the lead financial advisor on the George Clinical transaction, with Lazard acting as co-advisor. Herbert Smith Freehills served as legal advisor.
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