Data and clinical ops contract research org FMD K&L has merged with similarly multifaceted CRO iMEDGlobal in what it believes will create both a complementary but also broader new-look, global co.
A privately owned CRO with headquarters in New Jersey--and with main delivery centers in India and the Philippines--iMEDGlobal will become one with FMD K&L, which works on biostatistics, statistical programming and clinical operations to biopharma and medtech, as well as providing regulatory affairs services in China and across South and East Asia.
The new single co will have headquarters in both the U.S. and China, according to the company’s statement.
Both CROs have already dovetailed offerings, meaning the “services, clientele, and delivery centers of the companies are complementary in nature, providing alignment towards the same strategic direction,” according to the pair. Financial terms were not disclosed.
The merger will also look to make “cost and revenue synergies across operational integration,” which has been in past mergers code for cuts (though this has not been confirmed), on top of its dovetailed services, also offering “a broader spectrum of services.”
The deal also expands the global footprint with now 19 offices across the globe, run by more than 1,200 employees.
“The combined entity will be led by a strong leadership team possessing substantial prowess in the Pharma and CRO industry,” says Dr. Xin Ke, CEO, FMD K&L.
“Driven by our core values of accountability, innovation, leadership, quality, and partnership, the company will be prepared to expand its operations across the globe. The combined team of leaders share the same vision, culture, and values which will help in the smooth transition and will also be pivotal in propelling the company for monumental performance.”
Prashanth Visweswaran, founder and executive chairman of iMEDGlobal, added: “The merger represents a culmination of business interests to propel the company to the next level. The strategic advantage of complementary businesses will be instrumental in unlocking greater value for worldwide clients, stakeholders, and the employees. As near-term benefits from this merger, we foresee upward trajectories in revenues, global expertise in service delivery, and growth opportunities for our employees.”