- Division encompasses >30 centers in 14 countries
- Cinven bought Bioclinica in ’16 in $1.4 bln deal
- Edwards tapped in February to head Bioclinica network
CCBR, the clinical research site unit of Cinven-backed Bioclinica, is up for sale, according to four sources.
Rothschild is providing sell-side financial advice on the process, some of the sources said.
CCBR operates a global network of research centers in which Phase 1 through Phase 4 clinical trials take place.
The business unit encompasses more than 30 research centers in 14 countries and employs about 975, according to Bioclinica’s website.
Two sources characterized CCBR as a challenged business, which, one of the sources suggested, could make the asset a better fit for a PE buyer that can offer management expertise and vision. The unit was marketed off positive Ebitda, another source said.
Bioclinica in April announced its latest round of executive changes, including the appointment of Elizabeth Edwards as president of Bioclinica Site Network.
Bioclinica had appointed Dave Heron as CEO in November 2017 after John Hubbard retired.
London’s Cinven purchased Bioclinica in August 2016 through its €7 billion Sixth Cinven Fund.
Financial terms weren’t disclosed, but the deal commanded an enterprise value of $1.4 billion, sources familiar with the matter said at the time.
The European buyout shop’s acquisition of Bioclinica came about 2 1/2 years after Water Street Healthcare Partners’ CCBR-SYNARC merged with JLL Partners’ Bioclinica to create a combined technology-enabled clinical trial services company.
The 2014 fusion of the pair of PE-backed companies came after JLL paid $123 million to take BioClinica private in 2013, while simultaneously merging it with CoreLab Partners, a medical imaging and cardiac safety services provide. Water Street also first invested in CCBR-SYNARC in 2013.
BioClinica, Princeton, New Jersey, provides an array of services to improve the efficiency of clinical trials, including randomization and trial supply management, electronic data capture, clinical trial management, medical imaging, cardiac safety, pharmacovigilance and clinical adjudication.
Representatives of Cinven and Bioclinica declined to comment, while those with Rothschild didn’t immediately return requests for comment.
Action Item: Reach out to BioClinica at +1 484-928-6881