Private equity firm Cinven has agreed to acquire clinical trial services provider Bioclinica from Water Street Healthcare Partners and JLL Partners.
Although financial terms of the deal were not revealed, the acquisition is likely to be valued at $1.4bn, according to media sources.
Based in Pennsylvania, US, Bioclinica provides specialist outsourced clinical trial solutions.
Bioclinica was restructured into three business segments, Medical Imaging and Biomarkers, eHealth Solutions and Global Clinical Research, earlier this year.
The Medical Imaging and Biomarkers segment provides medical imaging and cardiac safety services and includes a molecular marker laboratory, while eHealth Solutions segment comprises the eClinical Solutions platform; Clinverse Financial Lifecycle Solutions; Safety and Regulatory Solutions; Strategic Consulting Services; App xChange Alliances; and eHealth Cloud Services.
Global Clinical Research segment additionally offers a network of research sites, patient recruitment and retention services, and a post-approval research division.
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Bioclinica president and CEO John Hubbard said: “We are extremely excited about this new partnership with Cinven and see great things on the horizon for Bioclinica.
"We experienced tremendous growth under our prior partnership with JLL and Water Street, and look forward to leveraging the strategic leadership and investment that will come with Cinven.
“Bioclinica is on a quest to accelerate and bring clarity to clinical trials, and this move will help us achieve these goals.”
Bioclinica currently serves more than 400 pharmaceutical, biotechnology and device organisations through a network of offices and research sites in the US, Europe, Asia, and South America.
Upon completion of the acquisition, Hubbard will continue acting as president and CEO of Bioclinica.