Algorithme Gets 240 Bed Phase I Unit from BASi
Thursday, July 10, 2008
Bioanalytical Systems (BASi) sold its Baltimore-based clinical pharmacology research unit to Montreal, Canada-based phase I/bioequivalence CRO Algorithme. BASi sold the 68,000-square-foot, 240-bed unit for $850,000 in cash. Since it is BASi’s only early phase research facility, BASi is exiting the phase I first-in-human clinical trials market. The company is primarily a preclinical, bioanalytical and immuno-assay services firm. It also manufactures specialized equipment for liquid chromatography, in vivo sampling, veterinary medicine and electrochemistry.
According to Algorithme, the 10-year-old company is the largest privately held Québec-owned organization specializing in research services for the pharmaceutical industry. With 400 employees, it maintains four offices in Montreal, including main headquarters and laboratory, a 16,000-square-foot, 80-bed clinic, a medical screening center and now the new BASi unit. The company stated it conducts more than 200 studies per year and reported sales of over $32 million in 2005.