Dublin, Ireland – 23 May, 2019 – ICON plc, (NASDAQ: ICLR) a global provider of drug and device development and commercialisation services to pharmaceutical, biotechnology, medical device industries, today announced that it has acquired a majority shareholding in MeDiNova Research, a site network with research sites in key markets in Europe and Africa, and that it has the right to acquire the remaining shares in the company by Quarter 3 2020. The acquisition further enhances ICON’s patient recruitment capabilities in EMEA and complements ICON’s existing site network in the US, PMG Research.
Founded in 2000 and headquartered in Coventry, UK, MeDiNova Research is a network of 33 active clinical research sites in the UK, Spain, South Africa, Poland and Romania. The company has experience operating a number of different site models, including dedicated research sites, integrated research sites and working closely with affiliate sites. MeDiNova Research has experience across many therapeutic areas, with particular experience in musculoskeletal, respiratory, cardiovascular, dermatology, infectious disease, metabolic, general health and vaccine studies. MeDiNova Research sites have a proprietary database of 400,000 patients who reside within easy reach of the sites. In addition, MeDiNova Research has access to over 5 million potential study patients via electronic medical records through strong healthcare partnerships.
Kumar Muthalagappan OBE, Chief Executive Officer, MeDiNova Research, said: “MeDiNova sites are focused on being high enrollers coupled with high quality, to exceed our pharma clients’ expectations. Our solutions are based on reducing start up times, early achievement of enrolment targets and high retention rates by delivering an excellent patient experience. ICON provides MeDiNova with a great opportunity for continued growth through scaling our knowledge, infrastructures and healthcare relationships. The MeDiNova-ICON combination will further enhance our highly productive models to deliver best in class site performance for the industry.”
Dr. Steve Cutler, Chief Executive Officer, ICON plc, said: “ICON has a focused patients, sites and data strategy which is helping us to improve site identification, study placement and patient recruitment and retention. A successful element of our strategy has been our integrated PMG site network in the US and our ability to grow alliances with third party sites and healthcare institutions in the US and Europe. MeDiNova provides us with a platform to further expand our site network in key EMEA markets and will help us to recruit patients into studies faster. MeDiNova’s experience in operating multiple site models and their strong therapeutic expertise will greatly benefit our customers’ development programmes.”
Fairmount Partners, a leading investment bank for pharmaceutical, device and related services businesses, acted as financial advisor to ICON. Neal McCarthy, Managing Director of Fairmount, commented, “We enjoyed helping the superb team at ICON continue to expand their strength in site services in Europe and beyond, and think MeDiNova is an excellent and complementary addition ”.
About MeDiNova Research
MeDiNova Research is a global network of quality research sites, providing investigator based clinical research services to the pharmaceutical and biotech industry. The company is a specialist in Phase II-IV clinical studies in multiple therapeutic areas and has outstanding global experience and expertise in the delivery of quality clinical research. Headquartered in Coventry, United Kingdom, MeDiNova Research currently operates from 33 active clinical research sites in five countries and has approximately 160 employees. Further information is available at www.medinovaresearch.com
About ICON plc
ICON plc is a global provider of outsourced drug development and commercialisation solutions and services to the pharmaceutical, biotechnology, medical device and government and public health organisations. The company specialises in the strategic development, management and analysis of programs that support clinical development – from compound selection to Phase I-IV clinical studies. With headquarters in Dublin, Ireland, ICON currently, operates from 90 locations in 37 countries and has approximately 13,920 employees. Further information is available at www.iconplc.com/patients
About Fairmount Partners
Based in Philadelphia, Fairmount Partners is the leading investment bank 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 Services Group has assisted clients to complete over 132 transactions in 20 countries in North and South America, Europe, Asia and Australia. Further information is available at www.fairmountpartners.com. Contact: Neal McCarthy.