Synteract, a portfolio company of Gryphon Investors, has entered into a definitive agreement to acquire Harrison Clinical Research (HCR), headquartered in Munich, Germany, with operations in Europe, Israel and South America, and Princeton, NJ. Synteract plans to combine operations to become a global service provider. The transaction, subject to customary closing conditions, is expected to close in 1Q13.
Through the acquisition, Synteract gains a clinical in-patient unit in Germany and a clinical research training center in Belgium, as well as early phase and clinical pharmacology services, Phase II-IV capabilities, and a functional service provision.
Wendel Barr, Synteract’s chief executive officer, will lead the combined companies. Dr. Francisco Harrison, HCR’s chairman and founder, will remain a senior member of the executive team and become a member of the board of directors. The HCR management will remain in place.
“Harrison Clinical Research is an exceptional fit for Synteract, uniting two well-respected players with longstanding drug development expertise to form a new global leader with enhanced scale and therapeutic breadth,” said Mr. Barr. “Together we will provide a continuum of service that allows us to work with clients throughout their entire development life cycle, from emerging products through post-marketing.”
Dr. Harrison added, “HCR has a long tradition of outstanding customer service, as does Synteract. We see this as a growth opportunity that allows us to continue providing our customers with the same personalized service they have come to expect, but on a larger geographic scale. Our shared company cultures and flexible, customizable approaches to managing clinical trials make this a natural fit for us and ensure our clients will continue receiving the same expertise and excellent customer service worldwide.”
Fairmount Partners, through managing director Neal McCarthy, represented Synteract in a focused acquisition search and on the transaction with Harrison Clinical Research.