inVentiv to acquire Kforce
Monday, March 19, 2012
Burlington, Mass.-based inVentiv Health, which offers clinical, commercial and consulting services to the healthcare industry, has signed a definitive agreement to acquire Kforce Clinical Research (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 its clinical segment.
“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,” 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 contract loss by KCR and anticipated wins and contract expansion.
The transaction is expected to close at the end of March.
inVentiv Health also said 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, inVentiv Health’s management consulting firm specializing in the pharmaceutical and biotech industry.