US-based trial management specialist CRA Holdings has sold its contract research organisation, Radiant Development, to fellow CRO Accelovance only five months or so after acquiring the Radiant assets.
Financial terms of the deal, which will broaden Accelovance’s therapeutic scope beyond its core segments of vaccines, infectious diseases and oncology, were not disclosed. Accelovance is privately held while CRA Holdings is a portfolio company of New York-based private equity firm Kinderbrook Industries.
In October 2012 CRA Holdings – which provides Phase II-IV clinical-trial management services through Clinical Research Advantage, as well as sleep diagnostics and medical equipment through Heartland Health Therapy – announced the acquisition of Radiant Research, a site management and clinical research company with headquarters in Cincinnati, US, for an undisclosed sum.
The Radiant operation comprised 20 wholly owned clinical research centres (Radiant Research), a full-service contract research organisation (Radiant Development) and a centralised patient-recruitment division (Radiant Recruitment).
Maryland-based Accelovance said the addition of Radiant Development to its portfolio, which includes a wholly owned subsidiary in China, would enhance its ability to provide high quality contract-research services across a range of therapeutic areas.
Radiant Development has conducted studies in segments including cardiovascular, men’s and women’s health, rheumatology, dermatology, oncology and medical devices. It also offers specialist expertise in consumer health and nutrition.
"We are thrilled to have 100% of the Radiant team led by Vita Lanoce as part of our company,” commented Stephen Trevisan, president and chief executive officer of Accelovance.
"Core values focused on meeting our client needs, open communication and relationships built on honesty and trust are important similarities between our organizations.”
Radiant Development will operate as a division of Accelovance, providing full-service clinical-research capabilities including project management and clinical monitoring, medical, safety and pharmacovigilance services, regulatory consulting, medical writing, data management and statistics.
Operating out of US locations in Stuart (Florida), Chicago (Illinois) and Durham (North Carolina), Radiant Development has managed more than 200 research studies since inception, Accelovance noted. The acquired company has also established also strategic partnerships in Europe and Asia.
Radiant Development customers will maintain their preferred provider relationship with the Radiant Research and Clinical Research Advantage site network under the new ownership.