Date: 2012-12-19
Type of information: Company acquisition
Acquired company: Harrison Clinical Research (Germany)
Acquiring company: Synteract (USA)
Amount: undisclosed
Terms: Synteract, a leading full-service contract research organization (CRO) and portfolio company of San Francisco-based Gryphon Investors, has entered into a definitive agreement under which Synteract will acquire Harrison Clinical Research. Wendel Barr, Synteract’s CEO, will lead the combined companies. Dr. Francisco Harrison, HCR’s chairman and founder, will remain a senior member of the executive team and become a member of the Board of Directors. The existing management of HCR will stay in place including CEO Benedikt van Nieuwenhove, who will become head of Europe after the closing of the transaction.
With the addition of HCR staff, Synteract will have a staff of over 800 in 16 countries. The transaction is subject to customary closing conditions, including completion of final documentation and receipt of financing, and is expected to close early in the first quarter of 2013.
Details: Harrison Clinical Research, founded in 1987, is headquartered in Munich, Germany and has operations in Europe, Israel and South America in addition to a U.S. office in Princeton, New Jersey. Synteract plans to combine operations to become a top tier global service provider. The acquisition of Harrison Clinical Research will give Synteract additional resources and scale to support large, global programs. It also gains a clinical in-patient unit in Germany and a clinical research training center in Belgium.
HCR’s robust early phase and clinical pharmacology services, proven Phase II-IV capabilities, and strong functional service provision will enable the new organization to diversify and deepen its clinical development offerings across therapeutic areas and the spectrum of clinical trials. However, a continued directive of the new combined company will be to maintain a strong connection with emerging to midsize biopharmaceutical companies where both Synteract’s and HCR’s consultative approach and clinical development expertise has been the mainstay of their respective relationships with customers.
Related: CRO
