|PRA President and CEO Colin Shannon--Courtesy of PRA|
PRA has snatched up CRO ClinStar, giving it a foothold in the growing Eastern European outsourcing market.
The company isn't disclosing financial details but did say the buyout gives it Phase I-IV capacity in the Russian Federation, Ukraine, Belarus and the Baltic States, areas of increasing importance in the drug development world. ClinStar is a well-respected CRO in the region, PRA says, and integrating the company into PRA's service platform will be a boon to clients.
"With ClinStar's high-caliber staff, culture and passion for customer service, it is a logical fit for PRA," CEO Colin Shannon said in a statement. "... Their knowledge and experience in this region complements PRA's overall global reach and infrastructure."
PRA plans to retain ClinStar's 300 employees in its operations, installing former CEO David Passov as senior vice president for Eastern Europe. The acquisition also brings PRA ClinStar's stand-alone clinical trial warehousing and logistics division, IMP Logistics, operating in Russia, Ukraine and Belarus. IMP gives the CRO a home base for trial supply in the region, PRA said.
- read PRA's release