Clinipace has struck a deal to acquire California's Paragon Biomedical, a move the CRO says will boost its therapeutic expertise and expand its footprint around the world.
Clinipace didn't disclose the financial terms of the buyout, but the deal will result in no layoffs or office closings, meaning it will double the company's size to more than 430 workers across the globe. Paragon presented itself as an ideal partner, Clinipace CEO Jeff Williams said, and the outfits' combined contract backlog is nearly a fourfold increase over Clinipace's a year ago.
"Bringing our two companies together provides the foundation for a more compelling service offering, supported by a substantial body of work spanning 20 years, a great reputation for quality, a differentiated technology-enabled clinical operations platform, a strong site management organization, and an experienced management team," Williams said in a statement.
Clinipace says absorbing Paragon will bolster its already strong oncology capabilities, all the while enhancing its expertise in cardiovascular, immunology and medical device clinical services.
As Outsourcing-Pharma points out, this is Clinipace's fourth acquisition in under three years, as the company previously bought CRO PFC Pharma Focus, regulatory affairs consultancy Regulus Pharmaceutical and CRO Worldwide Clinical Research.
- read Clinipace's statement
- check out Outsourcing-Pharma's report