CRO Frontage Laboratories has acquired a 45% stake in New Jersey's BDM Consulting, a biometrics-focused company looking to expand the market for its data services.
Under the deal, Frontage is paying an undisclosed sum for its share of the company, with Chinese CRO Hangzhou Tigermed owning the rest of BDM. In accordance with a 2014 agreement, Tigermed traded about $50 million for a majority stake in Frontage, so the BDM deal marks a sort of closing of the loop.
BDM, which will continue to operate independently under CEO Sam Liang, specializes in biostatistics, data management and programming SAS software for life sciences companies. Frontage's investment will allow BDM to better market its services throughout North America and Asia, according to the two companies, complementing the core capacities of each.
"This acquisition strengthens our offering and will further enhance Frontage's position as a complete and personalized development services partner with specialized expertise," Frontage CEO Song Li said in a statement. "Frontage continues to grow our portfolio of capabilities to help clients reduce the time and cost of product development."
For the Exton, PA-headquartered Frontage, the deal follows a major clinical expansion in New Jersey, where the company recently wrapped up construction of a 36,000-square-foot, 160-bed clinical facility in Secaucus.
- read the statement