Bracket, the pharma contracting arm of Express Scripts, is now the property of Parthenon Capital Partners, the latest private equity takeover in a fast-consolidating industry.
Neither party disclosed financial details, but Parthenon will be the new home for a contractor that has worked on 1,100 trials across 47 therapeutic areas, providing eClinical and scientific services across all phases of development. Now, backed by Parthenon and its track record of supporting growth-oriented companies, Bracket can keep expanding its capacity around the globe, President Catherine Spear said.
"As an independent company, Bracket will now have the autonomy, flexibility and resources to pursue our growth strategy and continue to provide best-in-breed technology-enabled solutions for our clients," Spear said in a statement.
Like many in private equity, Parthenon has a close eye on the CRO world, and the company figures the market for Bracket's technology to ensure trial efficiency and data integrity will only grow, Managing Partner David Ament said.
"We have been studying the clinical trials specialty services market for several years and believe Bracket offers a unique and highly compelling set of solutions to the industry," Ament said.
Bracket has been around for more than decade, first as a division of United BioSource, which was bought by Medco Health Solutions in 2010, which was then purchased by Express Scripts in 2012.
- read the announcement