Pharmaron, an integrated contract research organization offering R&D services to the life sciences industry, announced that it has signed a definitive agreement under which Pharmaron will acquire a majority stake in Shin Nippon Biomedical Laboratories Clinical Pharmacology Center, Inc. (SNBL CPC) in Baltimore, MD.
The clinical center is a provider of moderate and highly complex Phase I/II clinical development services for the life sciences sector. Current shareholder Shin Nippon Biomedical Laboratories, Ltd. (SNBL) will retain a minority stake in the business following the transaction.
SNBL CPC is a full-service clinical CRO located on the campus of the University of Maryland BioPark. Since its inception in 2005, more than 200 studies have been completed in the purpose-built, clinical pharmacology unit. Many of these completed clinical studies have been submitted in support of global regulatory filings for drug approval for marketing of both small and large molecules.
This strategic acquisition allows Pharmaron to be one-step closer to offering a full spectrum of R&D services. Addition of this capability to the Pharmaron Group naturally complements and expands Pharmaron’s existing drug R&D services, further consolidating the clinical development capabilities, through synergistic integration with recently acquired radio labeled science capabilities, including Quotient Bioresearch’s clinical metabolism in the U.K. and Xceleron’s AMS-based 14C-microtracer technology in the U.S.
“We are delighted to have SNBL CPC join the Pharmaron Group,” Larry Lou, president and COO of Pharmaron, commented. “This is an important milestone for Pharmaron. Once integrated and further developed, the new clinical platform will fuel the corporate engine for business growth in a sustainable manner. This is another testimony of our determination to fully realize our mission to support our clients’ success in discovery, development and commercialization of important medicines and fulfill our vision to be a global leading organization in the life sciences service industry.”
Dr. Ryoichi Nagata, chairman and CEO of SNBL commented: “The mission of SNBL CPC has been to offer complex and innovative clinical pharmacology services in close proximity to leading university medical centers. Through this transaction, we look forward to seeing future growth of CPC as part of Pharmaron Group.”
The financial terms of the transaction are not being disclosed.
Teneo Capital served as financial advisor to Pharmaron; O’Melveny & Myers LLP served as Pharmaron’s legal advisor. SC&H Capital served as financial advisor to SNBL; Miles & Stockbridge P.C. served as legal advisor to SNBL.
(Source: Business Wire)
Filed Under: Drug Discovery
