Welsh CRO Simbec-Orion was acquired by U.K.-based private equity firm CBPE Capital for an undisclosed price.
The acquisition, which was made via a management buyout through CPBE’s Capital Fund IX, acquired the shareholding of the Wales Life Sciences Investment Fund (WLSIF) that was managed by Arix Capital Management, a subsidiary of Arix Bioscience, the company said. The CRO was formed in 2014 with the merger of Simbec Research and Orion Clinical in a deal funded by WLSIF, which had acquired Simbec in 2013.
The CBPE deal for Simbec-Orion will provide funding for international expansion for the CRO, particularly in the U.S. and European markets.
“The combination of Simbec Research and Orion Clinical provided the base to create a growing CRO in the midmarket,” Ronald Openshaw, Simbec-Orion’s chief executive, said in a statement. “We are delighted to secure this return for the WLSIF and have clear plans with CBPE for the future growth of the group.”
Simbec-Orion, which is a full service CRO across all stages of development through phases 1, 2 and 3, focuses on biotech companies and small-cap, specialty and mid-cap pharma companies. Its main concentrations are in oncology, rare diseases and orphan drugs, respiratory conditions and translational medicine.