Contract research sector: news in brief
pharmafile | June 29, 2009 | News story | Research and Development |Â Â CRO, chilternÂ
Pharmafocus presents a round-up of developments in the contract research sector, including a successful IPO by Medidata, Pierrel's imminent acquisition of Encorium's US division, and expansions for Synteract, Chiltern and BASi.
US eClinical specialist Medidata Solutions has raised over $88 million, a little ahead of its expectations, in its initial public offering (IPO) on the Nasdaq. The success of the IPO would allow the firm to pay off some of its debt and provide a fighting fund for potential acquisitions. Medidata's flagship product is the Rave electronic data capture (EDC) and data management software, which has seen its customer base rise four-fold since 2006. Last year Medidata generated $106 million in revenues, up 68% on the prior year.
Italy's Pierrel SpA should complete its purchase of the US contract research activities of Encorium by the end of this month under new terms agreed by the two companies. Encorium does not expect to receive any cash from the deal as Pierrel is likely to assume liabilities for the business at least equal to the proposed purchase price, equivalent to 17% of the US division's backlog of contracts which is expected to be around $11.5 million when the deal closes on June 30.
Contract research organisation Synteract will open an Eastern European office next month as part of a push into emerging markets. The US firm has selected Prague in the Czech Republic for the new unit, which will offer regulatory, site management/monitoring, pharmacovigilence and project management services. Synteract said it is also looking to open additional offices in Europe and India from next year.
UK-headquartered CRO Chiltern has increased its presence in Europe with the opening of a new office in Brussels, Belgium, that will be headed up by Maurizio Passinisi. The company said it will shortly announce further expansion in Eastern Europe.
US contract laboratory services company BASi has opened a European laboratory and office in the UK. The new 10,000 square foot facility will provide bioanalytical capabilities as well as preclinical and pharmaceutical analysis services. BASi Europe will also sell the company's range of scientific instruments.
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