CRA Holdings, the parent company of Clinical Research Advantage, has agreed to buy Radiant Research, expanding its number of trial sites and study capabilities.
Both trial-management outfits specialize in recruiting patients and managing clinical trials. CRA operates a practice-based model, recruiting most of its patients from an investigator's private operation, whereas Radiant runs standalone facilities for large or complex trials. Joining together, the two can conduct diverse trials across a broad geographic base, Radiant CEO Julie McHugh said.
"By combining the models under one umbrella, we will be able to conduct almost every type of trial, be it point of care or studies more appropriate for a standalone research facility," McHugh said in a statement. "We have been looking for a partner that has a shared vision for growth without any sacrifice in quality. In CRA, we have found that partner."
CRA did not disclose financial terms of the deal, but the company said buying Radiant gives it a total of 57 trials sites and 550 researchers, allowing the company to expand faster than if it had tried to grow organically.
"In order for us to achieve our goal of 80 or 90 sites in the manner we have been doing would take us at least another 5 years," CRA CEO Mark Hanley said in a statement. "The Radiant acquisition will be the catalyst for much faster growth in the next 12 months."
- here's the release