Icon buys a market-access firm for $120M

Irish CRO Icon ($ICLR) is expanding its drug launch and marketing services, trading $120 million in cash for MediMedia Pharma Solutions.

Icon CEO Ciaran Murray

Headquartered in Pennsylvania, MediMedia specializes in launching products and communicating their value to medical and scientific decisionmakers, Icon said. The company's work spans more than 40 therapeutic areas, and adding its capabilities and client base to Icon's growing market-access unit will help the CRO broaden its work in the field, CEO Ciaran Murray said.

"The need to demonstrate and communicate the value of new medicines is an important global healthcare trend," Murray said in a statement. "Through Icon's market leading commercialization and outcomes group we are supporting our customers to maximize the value of their new drugs. Our acquisition of MediMedia Pharma Solutions deepens the expertise of this group and brings us outstanding scientific and medical communications capabilities."

Icon has consistently focused on expanding its technology to stand out among the world's largest researchers, evidenced by its $143.5 million deal for the adaptive trials-focused Aptiv Solutions last year. The company has been deepening its offerings in the field over the past 12 months, unveiling service platforms that allow sponsors to monitor safety issues, keep tabs on sites and track and visualize efficacy trends all in real time.

The CRO is in the midst of an expansion in its native Ireland, planning to hire 200 workers as it builds out a so-called innovation hub. The idea is to investigate new technologies and clinical trial processes that can improve how sponsors develop drugs, Icon said. That means pooling together data and working to help clinical trial personnel access that data faster, according to the CRO.

- read the statement

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