Swedish CRO TFS International is buying up Dimensione Ricerca, an Italian contract researcher, aiming to expand its European capabilities for cross-continent, late-stage clinical trials.
TFS didn't disclose the financial details of the transaction, but the company said absorbing the Italian CRO and its staff of 40 researchers will bring in about $3.9 million for 2013 and help TFS compete for contracts around the world.
"(Dimensione Ricerca) is one of the first CROs established in Italy and has throughout the years become one of the Italian market leaders," TFS Managing Director Ricard Quingles said in a statement. "Following several years of collaboration between our companies, the integration of Dimensione within the TFS Group is a natural further step."
TFS plans to retain Dimensione founder and European CRO Federation President Stefano Marini, installing the industry veteran as head of Italian operations. Marini said TFS' consolidation-minded approach is ideal for the new rules in the pharma world, in which the most attractive contractors are those with the widest range of services.
"The evolution of the pharmaceutical outsourcing market requires a large critical mass to access global clinical trials," Marini said in a statement. "... Through a couple of years collaboration we found a common cultural approach and all the above shared premises became the best basis to take a step forward into full integration, (and TFS is) the best possible choice for a future common growth."
- here's TFS' statement