Overview
ICON (NASDAQ: ICLR), a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, announced that it has acquired Healthcare Discoveries Inc, a wholly owned subsidiary of Catalyst Pharma Group Inc (“Catalyst”).
Healthcare Discoveries (“HCD”) operates an 85-bed clinical pharmacology unit in San Antonio, Texas and have considerable experience of delivering high quality early phase development programs.
Under the terms of the agreement ICON will pay an initial cash consideration of $12M.
Significance
This acquisition gives ICON a clinical pharmacology platform in the United States to complement its existing European Phase I operations.
Dr. Thomas Frey, president of this division, said that “the investment in Healthcare Discoveries will enable us to meet the growing demand for highly scientific first-in-human and full spectrum of clinical pharmacology studies that are a critical part of the drug development process.”
Healthcare Discoveries will become part of a comprehensive early phase development portfolio within the ICON Development Solutions division, which includes an existing 80-bed clinical pharmacology unit based in Manchester, England.
Crosstree’s Role
Crosstree represented Catalyst Pharma Group / Healthcare Discoveries as the exclusive sell-side banker.
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