Acquisitive Icon is at it again as it snaps up a majority stake in British site network company MeDiNova Research with an option to buy out the remaining shares penned into the deal.
Coventry, England-based MeDiNova Research, a network with research sites in key markets in Europe and Africa, will help Icon boost its geographic footprint and its patient recruitment capabilities while complementing its existing site network in the U.S., known as PMG Research, which it bought back in 2015.
Founded in 2000, MeDiNova is a network of 33 active clinical research sites in the U.K., Spain, South Africa, Poland and Romania. It works across musculoskeletal, respiratory, cardiovascular, dermatology, infectious disease, metabolic, general health and vaccine studies with about 160 employees. It focuses on phases 2 to 4 (postmarketing) studies.
Kumar Muthalagappan, CEO at MeDiNova Research, said: “Icon provides MeDiNova with a great opportunity for continued growth through scaling our knowledge, infrastructures and healthcare relationships. The MeDiNova-Icon combination will further enhance our highly productive models to deliver best in class site performance for the industry.”
Dr. Steve Cutler, CEO at Icon, added: “A successful element of our strategy has been our integrated PMG site network in the U.S. and our ability to grow alliances with third party sites and healthcare institutions in the U.S. and Europe. MeDiNova provides us with a platform to further expand our site network in key EMEA markets and will help us to recruit patients into studies faster. MeDiNova’s experience in operating multiple site models and their strong therapeutic expertise will greatly benefit our customers’ development programmes.”