US-based trial management organisation (TMO) CRA Holdings has acquired Radiant Research, a site management and clinical research company with headquarters in Cincinnati, Ohio, for an undisclosed sum.
The deal combines CRA with what its owner, New York-based private equity firm Kinderbrook Industries, called “the largest comprehensive clinical research and development company in the United States serving the biopharmaceutical and medical device industries”.
Radiant comprises 20 wholly-owned clinical research centres, a full-service contract research organisation and a centralised patient-recruitment division, employing more than 400 clinical research professionals.
According to Chris Michalik, managing director at Kinderhook Industries, bringing together “two of the largest and most respected TMOs in the country” will enable CRA “to continue to deliver the level of service our life science partners have come to expect while at the same time expanding our service offerings”.
Radiant and CRA have both experienced “exceptional growth” and the acquisition will position CRA for accelerated growth in the future, Michalik added.
Business Development Asia, which acted as acted as exclusive financial advisor to Radiant Research and its shareholders (ICICI Venture Funds Management and a strategic partner) for the sale, said the acquisition of Radiant “significantly expands CRA’s geographic presence in line with its stated strategy to consolidate the highly fragmented US site-management industry”.
Based in Tempe, Arizona, CRA provides Phase II – IV clinical-trial management services to the pharmaceutical, biotechnology and medical device industries, matching companies and contract research organisations with its partner medical practices to recruit patients and conduct trials.
Paul Cifelli, managing director at Kinderhook Industries, noted that Radiant’s services were “highly complementary to CRA’s and this acquisition reinforces our commitment to meeting the growing demand of our customers and the market, while giving us expertise in expanded therapeutic areas”.