iCardiac gets ‘nSpired’ with latest acquisition
Rochester, N.Y.-based iCardiac Technologies, a large provider of cardiac safety assessment services to the biopharmaceutical industry, has added respiratory and ePRO services by acquiring the clinical trials division of nSpire Health.
The two companies know each other rather well, having worked side by side as closely integrated partners on more than 20 clinical trials over the last five years, according to Alex Zapesochny, iCardiac’s president and CEO.
“We have wanted to expand our capabilities and better serve the growing demand for respiratory and inhaled therapeutics programs,” said Zapesochny. “For nSpire Clinical Trials, there is more value in integrating their centralized spirometry, pulmonary diagnostics, challenge testing, eDiary and data management services with our cardiac safety business.”
Zapesochny noted that the combination of iCardiac Technologies with nSpire Clinical Trials also will expand the growing demand for respiratory and inhaled therapeutics programs for asthma, COPD (chronic obstructive pulmonary disease), cystic fibrosis and other indications.
He added that the clinical trials division of nSpire Health has conducted more than 225 clinical trials during the past decade, working with more than 5,400 investigative sites in 55 countries. The division employs about 34 people who recently moved into a new facility in Longmont, Colo., not far from the rest of nSpire Health, a medical device company that develops and manufactures respiratory care products such as spirometers, home lung health monitors, and cardiopulmonary exercise testing equipment, along with related core lab services and cardiopulmonary diagnostics. The company also will serve as an equipment supplier to iCardiac, which employs more than 100 people, for clinical trials applications.
“We’ve been working on quite a few respiratory programs with our cardiac capabilities and seeing more of a demand with nSpire Clinical Trials, ” noted Zapesochny, who said the companies’ integrated services will be helpful in getting on preferred vendor lists of some of the largest biopharmaceutical companies.
The acquisition also will lead to greater efficiencies that include more technology for a sponsor using a single contract for all services, said Keith Kennedy, director of business development at nSpire Clinical Trials.
“This deal just made a lot of sense,” said Kennedy. “Customers will be able to source their cardiac safety, respiratory and ePRO services all from the same vendor. We’ve worked with iCardiac so often that morale is great; our data managers know their people, their project managers know our project managers, and the same goes for the IT staffs of both companies.”
Financial terms of the deal were not disclosed. The closing of the acquisition, however, comes 18 months after iCardiac was acquired by Norwest Venture Partners, a private equity firm that enabled the company to pursue expansions through acquisitions, according to Zapesochny, who said the purchase process took four months to complete.
“We were looking to do a targeted acquisition with companies we worked with and felt they could be a true partner,” said Zapesochny.
According to a press release, John Sage, who served as senior vice president of nSpire Health’s clinical division, now will lead the respiratory and ePRO service operations at iCardiac.
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