BioClinica, Inc. has entered into a definitive agreement to be acquired by a holding company controlled by JLL Partners, Inc., a private equity firm, for approximately $123 million. JLL Partners has also entered an agreement to acquire CoreLab Partners, Inc., a provider of medical imaging solutions and cardiac safety services based in Princeton, NJ.
Following the acquisitions, BioClinica and CoreLab will be merged to create a provider of medical imaging services and eClinical solutions for clinical trials. Mark L. Weinstein, president and chief executive of BioClinica, will lead the combined company.
Dan Agroskin, managing director of JLL Partners said, “We are excited about the tremendous promise of this business combination given the strong fundamentals of each company and the overall industry. We will conservatively capitalize the combined business and look forward to supporting its continued growth.”
David E. Nowicki, DMD, chairman of the board of directors of BioClinica, said, “After careful and thorough analysis, together with our independent advisors, the Strategic Committee of our Board has endorsed this transaction as being in the best interest of the company and our shareholders. We are pleased that the transaction appropriately recognizes the value of BioClinica as one of the leaders in providing clinical trial management solutions to the pharmaceutical and medical device industries, while providing our shareholders with immediate cash liquidity for their investment in BioClinica.”
Michael Woehler, Ph.D., chief executive officer of CoreLab Partners said, “We’re excited about the prospect of working with BioClinica, which has a great track record and reputation as a leader in this industry. We look forward to contributing our deep scientific expertise, our diverse customer base, and our successful clinical trial experience. Together, we will offer our customers best-in-class solutions at an industry-leading standard of quality and service.”