Precision for Medicine has signed a deal to acquire ACT Oncology--a leading CRO in the field of cancer studies--as together the new company looks to become a leading light in the personalized cancer clinical trial space.
Precision for Medicine, a CRO-type company that forms part of the Bethesda-based biomarker company Precision Medicine Group, is buying ACT to gain access to its cancer study network. As is becoming increasingly common, financial details of the deal were not disclosed.
Flemington-headquartered ACT is a big player in the oncology clinical trials space and conducts studies across all tumor types and hematology indications for a number of biopharma companies.
Precision, which was founded in 2012, said in a statement that ACT Oncology's capabilities "complement and significantly expand" its strengths in precision drug development.
Precision specializes in biomarker research with expertise in genomics, bioinformatics, assay development, specialty lab services, global specimen logistics, and companion diagnostics.
Together, Precision and ACT Oncology said they have created the first comprehensive, fully integrated precision oncology clinical development solution.
"The acquisition of ACT Oncology represents a unique opportunity to provide our clients a completely novel solution to advance oncology research," said Chad Clark, president of Precision for Medicine. "For more than 15 years [since its launch in 2000], ACT Oncology has been partnering with oncology innovators to design and deliver successful trials. With our combined infrastructure and expertise, we offer a true precision medicine research organization, spring-loaded for the needs of oncology development, and a truly unique offering for clients seeking advantages from early-stage, proof-of-concept programs to global registration studies."
Patricia Devitt Risse, CEO and founder of ACT Oncology, added: "We believe that Precision is the ideal home for ACT Oncology to continue its mission of serving innovators in the dynamic field of cancer drug development. We share a common vision about the future of drug development and a passion for serving our clients and, ultimately, the patients who our work hopes to benefit. As part of Precision, we are now able to offer our clients all of the capabilities necessary for oncology development within one integrated team."
- read the statement here