United BioSource, a Bethesda, Md.-based scientific and medical affairs organization, has secured a $150 million line of credit for future acquisitions and other growth activities. Participants in the new credit facility included Wells Fargo, PNC Bank, Capital One and JPMorgan.
United BioSource recently sold a minority equity stake to Berkshire Partners for $125 million, which followed more than $150 million in VC funding from Grotech Capital Group, J.H. Whitney and New Enterprise Associates.
United BioSource Corporation (UBC), a global scientific and medical affairs organization, today announced that it had secured a new line of credit that provides the company with up to $150 million in additional financing for acquisitions and other significant growth investments. Wells Fargo, PNC Bank, Capital One and JPMorgan Chase participated in financing the new credit facility.
“At a time when financial institutions are more cautious and lending standards are increasingly stringent, we are extremely pleased that the capital markets have provided such a strong vote of confidence for UBC,” said Ethan Leder CEO of UBC. “This capital will allow us to aggressively pursue our internal investments and targeted acquisition strategy.”
UBC was formed in 2003 with $153 million in private equity investments. In 2009 the company secured an additional $125 million investment from Boston-based Berkshire Partners. UBC recently opened their tenth office in Europe and their first in Japan. The company employs over 1,400 staff in 21 countries around the world. In a recent independent survey, customers in the biopharmaceutical industry ranked UBC above all other pharmaceutical service companies in the late stage and post approval market, on key measures of performance and client satisfaction.
About United BioSource Corporation
United BioSource Corporation (UBC) is a global scientific and medical affairs organization that partners with life science companies to develop and commercialize biopharmaceuticals, medical devices, and other health care products. We help deliver authoritative, real-world evidence to characterize product effectiveness, address safety risk, and demonstrate value. UBC brings together recognized scientific and industry experts, research operations professionals, and new technologies to provide innovative solutions across the product lifecycle. The company is headquartered in Bethesda, Maryland, with offices in North and South America, Europe and Asia. For more information about UBC, visit www.unitedbiosource.com