BioClinica eyed for $123M buyout, eventual merger

Private equity outfit JLL Partners has agreed to buy BioClinica ($BIOC) for $123 million, planning to merge the trial-management company with CoreLab, a CRO JLL has agreed to purchase separately.

BioClinica's board has already approved the deal, and JLL expects it to close by the end of this quarter. The CoreLab acquisition is contingent on that happening, and JLL figures they'll come through at the same time.

For BioClinica, this means leaving Nasdaq and altering the way it does business, but BioClinica CEO Mark Weinstein said joining forces with CoreLab will be a net benefit for the company.

"The combined platform significantly enhances our global scale, scientific expertise and our prospects for accelerating the pace of innovation for customers," Weinstein said in a statement. "We are also delighted that this transaction comes at a time when our industry is poised for growth in demand for imaging and eClinical solutions."

Weinstein will serve as CEO of the combined company once the deals close, joining CoreLab's Michael Woehler, who will also be retained.

The $123 million price tag works out to $7.25 per share, a 28.7% premium above its average closing price over the past 52 weeks, according to JLL.

- read the announcement