PCP-Backed Manna Research Acquires Two Québec Clinical Sites

Manna Research Inc., a provider of outpatient clinical research through its integrated site network, has acquired Québec City-based Pro-Recherche and Montréal-based Kells Medical Research Group, which operate in the same sector. Financial terms of the deal were not published. Montréal-based Manna Research is a portfolio company of Canadian healthcare-focused private equity firm Persistence Capital Partners, which earlier this year raised $90 million in the first close of Persistence Capital Partners II LP.

PRESS RELEASE

Manna Research Acquires Two Quebec-based Clinical Sites

Montreal July 19th, 2013 – Manna Research Inc. (Manna), Canada’s leading provider of outpatient clinical research through its integrated site network (ISN), is pleased to announce that it has acquired Quebec-City-based Pro-Recherche, one of Quebec’s largest providers in the sector and Montreal-based Kells Medical Research Group. As a result, Manna’s operations, which previously included Manna Research in Toronto, Ont., and Manna Research Vancouver, B.C., will now form part of Canada’s largest, most-geographically diverse outpatient clinical ISN, serving patients, global CROs and pharmaceutical research sponsors.

“These acquisitions substantially improve our capacity and leadership position in Canada,” stated Graham Wood, PhD, President and CEO of Manna Research, “They also allow us to continue to serve patients and research sponsors with an un-paralleled scale and quality of service across the country.” Manna’s four clinics across Canada have collectively completed more than 550 clinical research studies in a wide range of therapeutic areas including diabetes, vaccines, hypertension, dyslipidemia, gout, arthritis, depression and chronic pain.

Manna’s ISN services are focussed on the more than 130 outpatient primary care clinical research studies conducted in Canada each year. Including these recent acquisitions, Manna’s sites now participate in more than 30% of trials run in Canada, giving it a significant leadership position in the Canadian market.

“Manna has successfully established itself among the most innovative growth companies of its kind in North America,” noted Lloyd M. Segal, Managing Partner of Persistence Capital Partners, “We believe the Manna team is providing a distinctive, value-added and comprehensive offering to its customers across the pharmaceutical and biotechnology industry, and that this is clearly fueling the impressive achievements of the company.”

About Persistence Capital Partners
Persistence Capital Partners is a private equity fund exclusively focused on high-growth opportunities in the healthcare field. With deep healthcare industry expertise, PCP aims to create significant long-term capital appreciation for its investors by identifying and developing attractive investment opportunities in the Canadian healthcare market.

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