RALEIGH, NC – December 2, 2013 – PRA, a leading clinical research organization, acquired privately held CRI Lifetree, a specialized research organization. CRI Lifetree focuses 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.
PRA is a portfolio company of investment giant KKR (NYSE:KKR), a leading global investment firm. CRI Lifetree was owned by management and private equity firms SV Life Sciences, based in Boston and London, and the Wellesley, MA based Ampersand Ventures.
The Healthcare Group of Fairmount Partners, an investment banking firm based in Philadelphia, served as financial advisors to CRI Lifetree. This is the 100th transaction completed by the members of the Healthcare Group, and the sixth of 2013.
CRI Lifetree has a legacy of over 20 years in clinical research and has three Clinical Pharmacology Centers with a capacity of nearly 200 beds, making CRI Lifetree one of the largest providers of patient population Phase I and confined Phase II-III services in the United States. In particular, CRI Lifetree is the leading CRO among only a few centers in the world that have the ability to design and conduct HAL studies, a regulatory-required study for Central Nervous System (CNS) compounds.
The CRI Lifetree acquisition illustrates PRA’s dedication to growth, specifically in the area of Phase I-II services. The acquisition will enable PRA to provide its clients a full range of Phase I-II clinical research services in specialized patient populations for both inpatient and outpatient settings. The addition of CRI Lifetree to PRA’s existing Phase I and bioanalytical lab capabilities in the U.S. and Europe make it the most comprehensive, high-end Phase I organization in the world.
“CRI Lifetree highly complements PRA’s services and capabilities,” said Colin Shannon, president and CEO, PRA. “Together we are building a leading early Phase CNS platform capable of providing clients with a comprehensive set of specialized clinical services.”
“PRA’s Early Development Services (EDS) division and CRI Lifetree are a perfect fit,” said Willem Jan Drijfhout, executive vice president, EDS and managing director. “We both have a strong scientific foundation and now, with a total of 500 beds and eight Clinical Pharmacology Units, we will be able to bring our wide range of highly-specialized services to our clients as one of the largest Phase I organizations in the world.”
“There is a very strong cultural fit between CRI Lifetree and PRA,” said Jeffrey Kinell, CEO, 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.”
About CRI Lifetree
CRI Lifetree has approximately 250 full-time employees, is headquartered in Mount Laurel, N.J., and has three clinic locations: Marlton, N.J., Philadelphia, Pa., and Salt Lake City, Utah, with a combined 194 beds. In addition to inpatient and outpatient studies, the company provides highly-specialized early phase research support services such as data management, biostatistics, and study report writing.
One of the world’s largest CROs, PRA is transforming clinical trials through our people, innovation and operational transparency. Our 10,000+ employees operate in more than 80 countries, delivering a broad spectrum of full-service and Embedded clinical trial solutions that meet the demands of a diverse marketplace.
PRA’s Early Development Services group is committed to the highest standards of clinical excellence and scientific expertise. We operate state-of-the-art facilities in The Netherlands and North America as well as an innovative patient pharmacology model in Central and Eastern Europe providing the pharmaceutical and biotech industries with the unique scientific environment required for complex compound development and testing. In addition, PRA’s harmonized laboratory facilities in The Netherlands and the US are situated close to the clinical facilities and are configured to fully support all clinical study requirements.
Over the last 30+ years, PRA has established a reputation for specialized expertise and success in a variety of compounds, ranging from niche treatments and therapies to blockbuster drugs. Our forward-thinking approach to clinical research innovation, customized recruitment strategies and technological advances continues to make a difference to healthcare patients around the world.
About Fairmount Partners
Fairmount Partners is one of the largest investment banking groups in the Mid-Atlantic region. The firm specializes in advising middle-market growth companies with mergers and acquisitions, capital raising and strategic advice. Fairmount’s key focus areas include: Healthcare, IT and Business Services, Software & Technology and Industrial & Consumer businesses. Fairmount has completed transactions throughout North and South America, Europe, Asia and Australia. For more information, visit: www.fairmountpartners.com
Principals of Fairmount Partners acted as advisors to CRI Lifetree in this transaction.