Sequoia Capital and Singapore sovereign fund GIC Pte are among investors that agreed to buy a stake in clinical research and testing provider Novotech Pty from TPG, people with knowledge of the matter said.

Kaiser Foundation Hospitals also plans to invest in Novotech, according to the people, who asked not to be identified because the information is private. TPG is selling more than 10% of Novotech in a transaction valuing the company at over US$2.3 billion, said Joel Thickins, head of Australia and New Zealand for TPG Capital Asia.

The clinical research firm is preparing for an initial public offering in Hong Kong later this year, said Thickins, who is also chairman of Novotech. The valuation makes the company one of the most successful investments for the private equity group in Asia, he said.

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