Fortrea Expands Early-Phase Trial Capacity With US$45 Mln Deal

KUALA LUMPUR, Oct 20 (Bernama) -- Contract research organisation Fortrea has completed its acquisition of the Early Phase Services division from Worldwide Clinical Trials, in an all-cash transaction valued at approximately US$45 million. (US$1 = RM4.07)

The division comprises a clinical research unit (CRU) and bioanalytical laboratory operations, according to a statement.

The acquisition strengthens Fortrea’s end-to-end clinical development platform by adding a 200-bed Good Clinical Practice-compliant CRU in San Antonio, Texas; a 60,000-square-foot Good Laboratory Practice-compliant bioanalytical laboratory in Austin, Texas; and a biospecimen storage facility in Pflugerville, Texas.

Together, these assets expand Fortrea’s early-phase capacity to more than 570 beds globally and add in-house bioanalytical capabilities to support clients from first-in-human studies through proof-of-concept and later-stage development.

“Completing this acquisition further strengthens our integrated, scalable and scientifically differentiated clinical development platform while demonstrating tangible progress in Fortrea’s return to growth as we invest in our ability to win new opportunities and create lasting value for clients.

“By bringing together complementary clinical pharmacology and bioanalytical capabilities, we expect to expand the speed, flexibility and talent we can offer clients as they advance increasingly complex development programmes,” said Fortrea Chief Executive Officer, Anshul Thakral.

The acquired operations are now part of Fortrea’s Clinical Pharmacology Services business, which the company said is designed to reduce handoffs between clinical and laboratory work, improve turnaround times and give clients more flexibility for larger and more complex studies.

Fortrea and Worldwide Clinical Trials have also entered into agreements to support continuity for clients, employees and ongoing programmes.

Barclays acted as Fortrea’s financial adviser, while Mintz, Levin, Cohn, Ferris, Glovsky and Popeo were its legal counsel.

-- BERNAMA