Bloomberg has the scoop this morning on the sale of INC Research, a major CRO which conducts clinical trials in 40 countries spanning the globe. Quoting a source with "direct knowledge," the business news service says that the private equity group Avista Capital Partners and the Ontario Teachers' Pension Plan have agreed to shell out close to $600 million for the buyout--the second big CRO acquisition deal this week.
Raleigh, NC-based INC has some 2,000 staffers and racks up about $60 million in annual revenue, Bloomberg reports, adding that the CRO industry's total revenue is expected to swell to $20 billion this year. Those kinds of figures also helped drive the sale of United BioSource, which Medco is buying for $730 million.
INC conducts Phase I through Phase IV trials for a broad range of biopharma companies developing new drugs and devices, with specialties which include pediatric and women's health therapies. INC is backed by Crosspoint Venture Partners.
- here's the story from Bloomberg