– CCBR-SYNARC and BioClinica Announce Agreement to Merge; Jeffrey McMullen Appointed Chairman –
NEWARK, Calif. and NEWTOWN, Pa. – January 16, 2014 – CCBR-SYNARC and BioClinica, Inc. announced today that they have signed an agreement to merge their companies to create a leading global provider of specialized outsourced clinical services. The combined company will offer a portfolio of services uniquely tailored to conducting and managing global clinical trials on behalf of the world's premier pharmaceutical and biotechnology companies. Jeffrey McMullen, vice chairman of inVentiv Health, Inc., will serve as chairman of the combined company. Mark Weinstein, president & CEO of BioClinica, will serve as CEO.
Mr. McMullen, who has more than 40 years of experience in the drug development industry, said, "This is a ground-breaking merger that will bring together two of the industry's most experienced providers of specialized clinical trial services. Combining CCBR-SYNARC and BioClinica into a single company will offer customers exceptional scientific expertise and sophisticated technologies to support their drug development processes and accelerate the pace of their innovation."
As one entity, BioClinica and CCBR-SYNARC will become the market-leading provider of four highly specialized services that increase the speed and efficiency of global clinical trials. The combined company will provide customers with medical imaging services that track the effectiveness of new drugs across multiple therapeutic areas, including oncology, neurology and musculoskeletal. It will offer an extensive worldwide network of research centers dedicated to recruiting patients for global trials. It will provide state-of-the-art technology and consulting services to support the overall drug development process, as well as services to monitor the cardiac safety of compounds under development. It also will offer central lab capabilities to analyze biological samples originating from clinical trials.
This merger comes at a time when demand for outsourced pharmaceutical services is projected to grow more than five percent per year over the next five years. Pharmaceutical companies are increasingly turning to specialists to help them manage their drug development processes.
Together, BioClinica and CCBR-SYNARC will serve the world's leading pharmaceutical and biotech companies through board-certified oncologists, radiologists, cardiologists and medical researchers located in centers throughout Asia, Europe and The Americas. With nearly 50 years of combined experience, BioClinica and CCBR-SYNARC have completed more than 5,000 clinical trials to support customers with introducing new medicines across key therapeutic areas.
The transaction is expected to close in the first quarter of 2014. Financial terms are not being disclosed.
CCBR-SYNARC is a highly specialized provider of clinical services to the world's largest pharmaceutical and biotechnology companies. The company's SYNARC business specializes in imaging services, consultation and analysis to track progress throughout a clinical trial's life cycle. Its CCBR business features 26 clinical centers located around the world to recruit patients for trials conducted in those centers. CCBR-SYNARC is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.