ReSearch Pharmaceutical Services is teaming up with Japan's Asklep to kick off a joint venture targeting the country's growing biotech and medical device industries.
Under the deal, Asklep will help ReSearch bring its R&D outsourcing knowhow to Japan, targeting companies from large to small and virtual. ReSearch COO Alan Morgan will serve as CEO of the joint venture, looking to tap what the company sees as an unmet need for full-service solutions in Japan.
"By combining RPS' innovative approaches to meeting the industry's needs with Asklep's excellent reputation, significant size, and local infrastructure, RPS will be positioned to meet current and future needs across the biopharmaceutical and medical device industries," ReSearch CEO Daniel Perlman said in a statement.
ReSearch is counting on Japan to continue its marked growth in demand for new therapies, especially devices, and the company believes partnering with a local mainstay will help it speed its entry into the marketplace.
For Asklep, pairing with a 5,000-employee CRO like ReSearch will help expand its customer base, CEO Hiroshi Ichikawa said. "Combining RPS' global solutions and Asklep's localized services, we believe the JVC will address an unmet need in Japan," Ichikawa said in a statement.
ReSearch grabbed headlines back in 2010 when it filed for a $100 million IPO only to get snatched up by Warburg Pincus for $227 million 6 months later.
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