FMD K&L and iMEDGlobal have entered into a merger agreement. FMD K&L is a privately owned CRO with headquarters in the U.S. and China. iMEDGlobal is a privately owned CRO with headquarters in the U.S. and with main delivery centers in India and the Philippines.
The services, clientele, and delivery centers of the companies are complementary in nature, providing alignment towards the same strategic direction. The merger enables the combined entity to realize cost and revenue synergies across operational integration, a broader spectrum of services, an extended customer base, an expanded global presence, and a stronger sales force. It will also be better equipped to create sustainable value for the clients and institute better business focus for the company and the workforce.
By leveraging the joint capabilities across both firms, including FMD K&L's extensive experience in CRO services which include Clinical Operations, Data Management, Biostatistics, Statistical Programming, and eSubmissions/CDISC as well as iMEDGlobal's service inventory across Pharmacovigilance, Regulatory, Toxicology, and Medical Affairs, it enriches the existing service portfolio of the individual firms and will in turn create benefits to our clients, geographies, and markets.
The merger results in a wider geographical coverage with 19 offices across the globe in countries like the USA, UK, Philippines, India,China, South Korea, Japan, Taiwan, and Armenia. The combined entity will have over 1200 employees. It will be able to provide flexibility in delivery and engagement models, coverage in all time zones, and faster access to the local service team. Backed with an in-house multi-lingual workforce, the company will be in a position to extend regional support for global projects, especially in markets which have language dependencies.
"The combined entity will be led by a strong leadership team possessing substantial prowess in the Pharma and CRO industry," said Dr.Xin Ke, CEO, FMD K&L. "Driven by our core values of accountability, innovation, leadership, quality, and partnership, the company will be prepared to expand its operations across the globe. The combined team of leaders share the same vision, culture, and values which will help in the smooth transition and will also be pivotal in propelling the company for monumental performance."
"The merger itself resulted in achieving synergies in terms of better geographical coverage, a stronger talent force, and a more comprehensive service menu for our clients in the life sciences industry," said Dr. Dan Zhang, executive chairman, FMD. "Further, the company will be better positioned to take up large-scale projects in new and existing markets."
Prashanth Visweswaran, founder and executive chairman, iMEDGlobal, said, "The merger represents a culmination of business interests to propel the company to the next level. The strategic advantage of complementary businesses will be instrumental in unlocking greater value for worldwide clients, stakeholders, and the employees. As near-term benefits from this merger, we foresee upward trajectories in revenues, global expertise in service delivery, and growth opportunities for our employees."