PRA has entered an agreement to acquire privately held CRI Lifetree, a specialized research organization focused on the conduct and design of early stage, patient population studies, and is therapeutically focused in Human Abuse Liability (HAL), addiction, pain, psychiatry, neurology, pediatric and infectious disease services.
The acquisition expands PRA’s Phase I-II clinical research services in specialized patient populations for both inpatient and outpatient settings. CRI Lifetree, headquartered in Mount Laurel, NJ, has approximately 250 employees and three clinic locations: Marlton, NJ, Philadelphia, PA, and Salt Lake City, UT, with a combined 194 beds. The company also provides highly-specialized early phase research support services such as data management, biostatistics, and study report writing.
“CRI Lifetree highly complements PRA’s services and capabilities,” said Colin Shannon, president and chief executive officer, PRA. “Together we are building a leading early Phase CNS platform capable of providing clients with a comprehensive set of specialized clinical services.”
“There is a very strong cultural fit between CRI Lifetree and PRA,” said Jeffrey Kinell, chief executive officer, CRI Lifetree. “Both companies share a dedication to scientific leadership, expansion of highly specialized services to meet the emerging needs of our clients, an uncompromising focus on quality, and a belief that our strength is in our people and the way in which they work together.”
The Healthcare Group of Fairmount Partners, an investment banking firm based in Philadelphia, PA, served as financial advisors to CRI Lifetree.