|BioClinica CEO Mark Weinstein|
Two private equity firms are pooling their CRO resources, agreeing to merge the formerly public BioClinica with imaging and cardiac safety contractor CoreLab.
JLL Partners bought BioClinica for $123 million and paid an undisclosed sum for a stake in CoreLab, which belongs to Ampersand Capital Partners. The firms have agreed to combine the two contractors under the BioClinica name, offering imaging services, cardiovascular safety monitoring and eClinical trial management.
The buyout means BioClinica will come off the Nasdaq, but JLL is keeping CEO Mark Weinstein to helm the combined company.
"The unification of BioClinica and CoreLab Partners will enhance the existing service quality and technological innovation supported by scientific and medical expertise that have long been hallmarks of these two companies," Weinstein said in a statement. "This merger produces a stronger BioClinica that is better able to support pharmaceutical, biotechnology and medical device development."
In its last public earnings disclosure before leaving Nasdaq, BioClinica reported 2012 revenue of $98.3 million, a 14% jump, and net income of $6 million, good for 12% over the previous year.
Adding CoreLab to the fold gives BioClinica Phase I-IV imaging assessment for its sponsors, plus a foothold in Japan, where CoreLab has participated in studies of oncology drugs, CNS therapeutics and medical devices, among other fields.
- read the announcement