Quintiles ($Q) has wrapped up its acquisition of healthcare analytics provider Encore, part of the CRO's push to grow its post-market services.
The deal, signed in May, brings Quintiles a provider-focused consulting arm to complement its existing capabilities in drug development and commercialization. Encore employs about 250 consultants who advise providers on the implementation of electronic health records (EHR), using real-world patient data to help guide decisionmaking.
Also, Quintiles expects the addition of Encore to benefit its pre- and post-market businesses alike, giving biopharma clients valuable information as they launch their products but also providing a trove of ex-clinical results that can inform the drug-development process.
"The addition of Encore greatly enhances our electronic health records expertise--an area that continues to grow in importance as payers, providers and biopharmaceutical customers increase their focus on real-world evidence," Quintiles' Integrated Commercial Services and Solutions President Scott Evangelista said in a statement.
The acquisition should provide a boost to the CRO's Integrated Healthcare Services (IHS) segment, which is dwarfed by Quintiles' much larger product development business. Last year, IHS revenue fell 7.8% to $888.6 million, but the business is on the upswing after growing 6% to $234.5 million in the first quarter of 2014 thanks to a string of new contracts.
Quintiles expects that growth to continue, projecting up to $4.2 billion in 2014 revenue, good for as much as 10% growth. The company is aiming for earnings per share of $2.45 to $2.58, translating to profit increases of 17% to 23%.
- read the statement