Date: 2013-02-04
Type of information: Pipeline acquisition
Acquired company: clinical trial services division of Cross Country Healthcare (USA)
Acquiring company: Icon (Ireland)
Amount: $52 million, plus an earn-out of up to $3.75 million related to certain performance-based milestones
Terms: Icon, a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, has agreed, subject to certain closing conditions, to acquire the Clinical Trial Services Division of Cross Country Healthcare, for a cash consideration of $52 million, plus an earn-out of up to $3.75 million related to certain performance-based milestones. The transaction is expected to close within the next 30 days.
Details: Cross Country Healthcare’s Clinical Trial Services Division includes leading US resourcing providers, ClinForce and Assent Consulting, whose services include contract staffing, permanent placement and functional service provision. The division also includes AKOS, a leading US and EU provider of pharmacovigilance and drug safety services. ClinForce and Assent will be combined with ICON’s FSP division, DOCS, creating a leader in global resourcing and FSP, while AKOS will enhance the services offered by ICON’s medical and safety services team.
Related: clinical research
