On July 1, 2004, ICON plc (NASDAQ: ICLR), a global clinical research organization announced that it had agreed to acquire a 70% interest in Beacon Bioscience, Inc. a leading specialist CRO in the Medical Imaging field.
Founded in November 2000, Beacon has a strong technology platform, focused on the centralized management, processing and reading of digitized medical images generated in clinical trials, including X-ray, MRI, CT, PET, Nuclear Medicine and Ultrasound.
ICON will acquire the 70% interest in Beacon for a cash consideration of $9.9 million, which includes an investment in new equity of $2.0 million.
Beacon will have the opportunity to further expand its business as a subsidiary to ICON through ICON’s 34 offices in 21 countries.
Crosstree Capital Partners served as exclusive financial advisor to Beacon Biosciences.