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inVentiv Health announced that it has signed a definitive agreement to acquire Kforce Clinical Research, Inc. (“KCR”), a provider of functional outsourcing solutions to pharmaceutical, biotech, and medical device companies, from Kforce Inc. for $50 million in cash.
KCR will be combined with inVentiv’s existing functional service provider (FSP) and staffing businesses within the Clinical segment. With more than 30 years of experience and a broad portfolio of partners worldwide, the combined organization will leverage inVentiv Health’s global reach, enabling the company to meet clients’ strategic resourcing needs in more than 40 countries around the world.
“With its strong clinical monitoring expertise, a customer-focused approach and an impressive portfolio of clients, Kforce Clinical Research is an attractive complement to inVentiv’s existing services. This acquisition expands our capability across the continuum of FSP, staffing and CRO services, further enhancing our ability to deliverflexible, cost-effective solutions for our clients,” said Paul Meister, CEO of inVentiv Health.
KCR’s range of clinical services include: site management and monitoring, clinical project and program management, clinical programming and data management, biostatistical analysis and reporting, pharmacovigilance, medical writing, regulatory affairs, and quality assurance and training. inVentiv anticipates adjusted annualized revenue of approximately $70 million, which reflects the previously disclosed contractloss by KCR and anticipated wins and contract expansion.
The transaction is expected to close at the end of March 2012.
inVentiv Health also announced today that the Federal Trade Commission has approved its acquisition of SDI Health promotional and medical audit businesses from IMS Health. inVentiv expects to close the transaction this week. The syndicated offerings of the acquired businesses will be combined with the market research capabilities of Campbell Alliance, an inVentiv Health company and management consulting firm specializing in the pharmaceutical and biotech industry.