ICON will acquire the Clinical Trial Services Division of Cross Country Healthcare, Inc. (CCH) for $52 million in cash, plus an earn-out of as much as $3.8 million related to performance-based milestones. The transaction is expected to close within the next 30 days. Fairmount Partners introduced the parties and served as ICON’s financial advisor.
CCH’s Clinical Trial Services Division includes U.S. resourcing providers, ClinForce and Assent Consulting, with services covering contract staffing, permanent placement and functional service provision. The division also includes AKOS, a U.S. and EU provider of pharmacovigilance and drug safety services. ClinForce and Assent will be combined with ICON’s FSP division, DOCS, while AKOS will expand ICON’s medical and safety services team.
Ciaran Murray, chief executive officer at ICON, remarked, “The demand for flexible resourcing solutions continues to grow as biopharma companies employ a range of outsourcing models to meet their development goals more efficiently. The ClinForce and Assent businesses will significantly expand our resourcing and FSP capabilities in the U.S. and, when combined with DOCS’ strong European footprint and growing emerging markets presence, gives us the ability to deliver truly global resourcing solutions. Additionally, AKOS enhances our expertise in the areas of pharmacovigilance and drug safety consulting, which are increasingly important capabilities required by our clients.”