Quintiles ($Q) has finalized a deal for CRO Novella Clinical, snapping up its client base of emerging drug and device developers.
The CRO giant never disclosed what it paid for Novella, but the company has been vocal about what it's getting: a specialist in cancer and med tech that can offer flexible development services to small and mid-size companies.
"With the transaction now officially closed, we will focus our efforts on leveraging Quintiles' global resources and capabilities with the expertise and personal attention of Novella to continue to deliver the high-quality services customers have come to expect from both companies," Quintiles' clinical development president Paula Brown Stafford said in a statement.
Novella's leadership team will remain intact now that it's a division of the world's largest CRO, and CEO Richard Staub will stay on board to steer the North Carolina company.
Quintiles has said its Novella buyout won't have an effect on 2013 profits. The company expects between 3.8% and 5.2% revenue growth on the year, eyeing up to $3.8 billion for 2013.
- read Quintiles' announcement