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CRA Holdings, LLC announced today that it has acquired Radiant Research, Inc. CRA Holdings is the company that also owns Clinical Research Advantage (CRA), another major player in the SMO market. By combining these two entities under the same investment portfolio, the organizations collectively have 57 sites with more than 550 research professionals and an aggressive plan for growth.
Over the past 15 years, Radiant Research has focused on common and chronic conditions that can be recruited from the general population. Radiant specializes in trials that require large numbers of subjects to be recruited in a short period of time, or complex trials that require specialized equipment or procedures. Radiant has large stand-alone facilities in which it conducts research; the company recruits studies primarily from an active database of over one million volunteers. CRA, on the other hand, is a practice-based organization, where 85% or greater of trial participants are recruited from the investigator's private practice. This has allowed CRA to focus on trials where disease-state management is required. Both organizations are leaders in vaccine trial execution. The union of these two companies provides for better access to patients, an ability to conduct a diverse array of trials and broader geographic diversity.
"The Radiant platform will facilitate faster expansion of our model by utilizing the Radiant sites to help launch practice-based satellite locations in the cities where Radiant already has sites. We have grown CRA from seven to 37 sites in the last five years. In order for us to achieve our goal of 80 or 90 sites in the manner we have been doing would take us at least another five years. The Radiant acquisition will be the catalyst for much faster growth in the next 12 months," said Mark Hanley, CEO of CRA.
"By combining the models under one umbrella, we will be able to conduct almost every type of trial, be it point of care or studies more appropriate for a stand-alone research facility," said Julie McHugh, CEO of Radiant Research. "We have been looking for a partner that has a shared vision for growth without any sacrifice in quality. In CRA, we have found that partner."
The combined companies will continue to function under the names of Radiant Research and CRA, but will be looking to integrate and streamline their operations in areas where integration makes sense.