The multi-billion dollar hedge fund TPG-Axon Capital has inked a deal to work with Quintiles to develop new drugs. TPG-Axon Capital told Reuters that it would put up to a billion dollars at work in the deal, in which the fund would help finance drug development work through the CRO's subsidiary, NovaQuest. TPG-Axon is led by the former head of Goldman Sachs' Principal Strategies Department, Dinakar Singh. The hedge fund has already funneled hundreds of millions of dollars to finance NovaQuest drug development partnerships.
"I believe NovaQuest offers pharma and biotech companies 'smart money'--financial solutions backed by Quintiles' expertise and capabilities in global product development and commercialization," said Singh. "This is a powerful resource for pharma and biotech companies seeking new solutions to major challenges."
- here's the release on the drug/dollar pact