Icon to acquire clinical trial services division of Cross Country Healthcare
Icon, a global provider of outsourced development services, has agreed to acquire the clinical trial services division of Cross Country Healthcare, a healthcare staffing and outsourcing services company, for a cash consideration of $52 million, plus an earn-out of up to $3.75 million related to certain performance-based milestones. The transaction is expected to close within the next 30 days.
Cross Country Healthcare’s clinical trial services division includes U.S. resourcing providers ClinForce and Assent Consulting, whose services include contract staffing, permanent placement and functional service provision. The division also includes AKOS, a U.S. and E.U. provider of pharmacovigilance and drug safety services. ClinForce and Assent will be combined with Icon’s FSP division, DOCS, creating a leader in global resourcing and FSP, while AKOS will enhance the services offered by Icon’s medical and safety services team.
“The demand for flexible resourcing solutions continues to grow as biopharma companies employ a range of outsourcing models to meet their development goals more efficiently,” said Ciaran Murray, CEO of Icon. “The ClinForce and Assent businesses will significantly expand our resourcing and FSP capabilities in the U.S. and, when combined with DOCS’ strong European footprint and growing emerging markets presence, gives us the ability to deliver truly global resourcing solutions.”
Murray continued, “Additionally, AKOS enhances our expertise in the areas of pharmacovigilance and drug safety consulting, which are increasingly important capabilities required by our clients.”