Fortrea To Acquire Worldwide’s Early Phase Business
KUALA LUMPUR, Sept 3 (Bernama) -- Fortrea and Worldwide Clinical Trials (Worldwide) have signed a definitive agreement under which Fortrea will acquire Worldwide’s Early Phase Services division (Early Phase) in an all-cash transaction valued at approximately US$45 million. (US$1=RM4.03)
According to Fortrea in a statement, the acquisition includes a 60,000-square-foot Good Laboratory Practice (GLP)-compliant bioanalytical laboratory in Austin, a 200-bed Good Clinical Practice (GCP)-compliant clinical pharmacology unit in San Antonio, and a biospecimen storage facility in Pflugerville, Texas.
Fortrea chief executive officer (CEO), Anshul Thakral said the acquisition represents an important investment in early clinical development and will strengthen the company’s end-to-end clinical development platform, supporting customers from first-in-human studies through Phase IV and post-approval evidence generation.
Meanwhile, Worldwide CEO, Alistair Macdonald said the transaction will allow the company to focus investment on its rapidly growing late-stage business across oncology, neuroscience, internal medicine and rare disease.
The Early Phase business provides integrated clinical development and bioanalytical services for drug candidates from early development through later-stage research. Its addition will give Fortrea in-house large- and small-molecule bioanalytical capabilities while expanding its North American clinical research unit footprint.
The combined capabilities are expected to improve turnaround times and provide more integrated solutions for simple and complex clinical studies, while offering sponsors greater flexibility for larger participant studies, access to diverse volunteer populations and expanded bed capacity.
Fortrea and Worldwide will enter into agreements designed to maintain continuity for customers, employees and ongoing programmes during the transition. Following completion, the Early Phase business will become part of Fortrea’s Clinical Pharmacology Services unit.
The transaction remains subject to necessary regulatory and licence approvals and the execution of certain services agreements. Barclays is advising Fortrea, while BroadOak Partners is advising Worldwide on the transaction.
-- BERNAMA