Avista Capital, Ontario Teachers Buying INC Research

(Reuters) – Private Equity firm Avista Capital Partners and Ontario Teachers’ Pension Plan have agreed to buy INC Research Inc, a drug development services provider, for about $600 million, Bloomberg said.

The deal may be announced as soon as tomorrow, a person with direct knowledge to the matter told Bloomberg.

 

INC Research provides a range of customized programs in therapeutic areas of specialty, and in pediatric and women’s health trials to pharmaceutical and biotechnology companies, according to the company website.

 

Revenue for drug development and testing companies is projected to reach $20 billion in 2010, according to the Association of Clinical Research Organizations, a trade group, the news agency said.

 

Raleigh, North Carolina-based INC Research, is backed by Crosspoint Venture Partners and has yearly earnings before interest, tax, depreciation and amortization of about $60 million, the report said.

 

INC has about 2,000 employees and conducts clinical drug trials in 40 countries worldwide, its website said. (Reporting by Archana Shankar in Bangalore; Editing by Valerie Lee)