Inveresk acquires PharmaResearch Corporation
US-based drug development services provider Inveresk Research Group has acquired PharmaResearch Corporation in a transaction valued at US$37.1m (€32.6m).
US-based drug development services provider Inveresk Research Group has acquired PharmaResearch Corporation in a transaction valued at US$37.1m (€32.6m).
Based in North Carolina in the US, and with operations in the UK, France, Spain and China, PharmaResearch is a drug development services group focused on the provision of Phase II-IV clinical trials support services, principally in the areas of respiratory and infectious diseases.
In 2002 PharmaResearch recorded net service revenue of $40.6m (Euro 35.6m) and income from operations of $4.8m (Euro 4.2m). At 31 December, 2002, it had net assets of $13.4m (Euro 11.8m).
'The acquisition of PharmaResearch allows us to increase significantly the scale and service of our North American clinical development operations. Its strong presence in the field of respiratory and infectious diseases enables Inveresk Research to build higher value-added clinical support services for the benefit of the enlarged client base,' said Walter Nimmo, president and ceo of Inveresk Research Group.