Overview
SFBC International, Inc. (NASDAQ: SFCC), a provider of specialized, outsourced drug development research services to the pharmaceutical and biotechnology industries, announced that it has completed the acquisition of Clinical Pharmacology Associates (CP), a profitable private company focused primarily on Phase I clinical research development services, based in Miami, FL.
The agreement provides for the acquisition of CP for approximately $7.5 million in cash and $8.25 million in common stock (approximately 443,000 shares) of SFBC International.
The acquisition was immediately accretive.
Significance
SFBC will now be able to access a broader client base to enhance its revenue opportunities due to its momentum in its cross-selling efforts of specialized drug development research services.
“CP’s strong client base and geographic location will enable us to accelerate our plan to increase capacity utilization at SFBC Miami while adding a highly-respected and innovative scientific team,” added Dr. Gregory Holmes, executive vice president of SFBC International.
Given that demand for CP’s services has outpaced its facility capacity, CP clients and potential clients will now have the opportunity to continue to expand their business with the combined organization by utilizing the SFBC Miami facility.
Crosstree’s Role
Crosstree Capital Partners was the exclusive financial advisor for Clinical Pharmacology Associates.
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