Acquisition Expands ICON’s Global Resourcing, FSP and Safety Capabilities
Dublin, Ireland, 22nd February, 2013 – ICON plc, (NASDAQ: ICLR; ISIN: IE0005711209), a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries has acquired the Clinical Trial Services Division of Cross Country Healthcare, Inc. (NASDAQ:CCRN), for a cash consideration of $52 million, plus an earn-out of up to $3.75 million related to certain performance-based milestones.
Cross Country Healthcare’s Clinical Trial Services Division includes leading US resourcing providers, ClinForce and Assent Consulting, whose services include contract staffing, permanent placement and functional service provision. The division also includes AKOS, a leading US and EU provider of pharmacovigilance and drug safety services. ClinForce and Assent will be combined with ICON’s FSP division, DOCS, creating a leader in global resourcing and FSP, while AKOS will enhance the services offered by ICON’s medical and safety services team.
Commenting on the acquisition, Ciaran Murray, CEO at ICON plc, said: “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 US 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.”
Fairmount Partners introduced the parties and represented ICON plc as their financial advisor.
About ICON plc
ICON plc is a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries. The company specializes in the strategic development, management and analysis of programs that support clinical development – from compound selection to Phase I-IV clinical studies. ICON currently has approximately 9,430 employees, operating from 82 locations in 40 countries.
Further information is available at http://www.iconplc.com
About Cross Country Healthcare
Cross Country Healthcare, Inc. is a leader in healthcare staffing with a primary focus on providing nurse and allied and physician (locum tenens) staffing services and workforce solutions to the healthcare market. The Company believes it is one of the top two providers of nurse and allied staffing services, one of the top four providers of temporary physician staffing services, and one of the top five providers of retained physician and healthcare executive search services. The Company also is a leading provider of education and training programs specifically for the healthcare marketplace. On a company-wide basis, Cross Country Healthcare has approximately 4,000 contracts with hospitals and healthcare facilities, and other healthcare organizations to provide our staffing services and workforce solutions. Copies of this and other news releases as well as additional information about Cross Country Healthcare can be obtained online at http://www.crosscountryhealthcare.com. Shareholders and prospective investors can also register to automatically receive the Company’s press releases, SEC filings and other notices by e-mail.
About Fairmount Partners
Based in Philadelphia, Fairmount Partners is the leading investment banker worldwide for pharmaceutical, device and related services businesses. Fairmount provides merger and acquisitions advisory services, and assists companies to raise funding for acquisitions, growth and liquidity. Fairmount’s Pharmaceutical Service Group has assisted clients to complete over 90 transactions in 14 countries in North and South America, Europe, Asia and Australia, and has completed deals involving nearly all of the top CROs in the world. http://www.fairmountpartners.com
Principals of Fairmount Partners acted as advisors to ICON plc in this transaction.