PPD has completed its buyout of research-based consulting company Evidera in what the CRO describes as “uniting two best-in-class research companies,” and boosting its services to its life science clients.
The Bethesda, MD-based Evidera, which is set up to help biopharmas show value in their research stages, will become a wholly-owned subsidiary of PPD--but a management shake-up is not on the cards as Evidera “will continue to be led by its current management team,” PPD said in a statement.
Financial terms of the deal were not shared. Evidera had been owned by Symphony Technology Group before its PPD buy-out.
The deal forms part of a general pattern of increased M&A activity in the CRO sector, and part of a growing trend toward diversification as a means to expand offerings to clients.
Wilmington, North Carolina-based PPD said that the combination of the companies will create “transformative opportunities” for its clients to “generate evidence of product value that helps optimize market access for new health technologies.”
David Simmons, chairman and CEO of PPD, said: “By leveraging Evidera’s scientific research and consulting capabilities and PPD’s operational excellence in global clinical research, our clients can greatly enhance their ability to navigate today’s complex and fast-evolving R&D and reimbursement landscape.
“For biopharma companies, our considerable joint expertise will benefit clients in executing comprehensive development strategies for regulatory success, while in parallel collecting the necessary evidence to support discussions with payers and health authorities on pricing and reimbursement. These combined strengths will further support clients in bringing innovative therapies to patients in need.”
Jon Williams, president of Evidera, added: “Until today, biopharma companies had limited options for partners with the required expertise. But by marrying a best-in-class CRO with a best-in-class real-world research and market access company, we are providing transformative opportunities for our clients to demonstrate the value of their products.”