With the latest in a string of acquisitions, Velocity Clinical Research is laying claim to the title of largest dedicated research site organization in the world.
The purchase for an undisclosed price of Meridian Clinical Research, which focuses on multi-specialty site organization for phase 1-4 clinical trials, brings 25 sites in the U.S. and more than 1,500 clinical research employees, the company said in a Dec. 15 release. The latest additions mean Velocity now boasts about 80 sites in the U.S. and Europe, along with a tech hub in Hyderabad, India.
“The combination of two of the best businesses in this sector moves the needle for clients, changing the relationship from transactional to strategic,” Velocity's CEO Paul Evans said in the release. “A multi-site business of our size means biopharma and clinical research organizations can circumvent the individual site-selection process, dramatically reducing the time needed to activate sites and recruit patients, which speeds up drug development.”
The acquisition is Velocity’s second this year and comes in the wake of 2021’s purchases of VitaLink Research and the National Research Institute.
In early September 2022, Velocity snapped up U.S.-based MedPharmics, also for an undisclosed price. That deal followed July’s purchase of Clinical Research Hamburg, which provides phase 2 to 4 research services in therapeutic areas including pain management, allergies, smoking cessation and hypertension.
Velocity has been flexing its financial muscle since it was acquired in April 2021 by U.K.-based healthcare venture firm GHO Capital from D.C.-based VC owner NaviMed Capital.