Clinipace Worldwide acquires Paragon Biomedical
Clinipace Worldwide, a global digital contract research organization (dCRO), and Paragon Biomedical, a global, full-service CRO, have jointly announced a definitive merger agreement under which Morrisville, N.C.-based Clinipace Worldwide has acquired all outstanding shares of privately-held, Irvine, Calif.-based Paragon and its subsidiaries.
The merger will significantly expand Clinipace Worldwide’s therapeutic expertise, site management capabilities and clinical operations. In addition, the company extends its global footprint with the addition of offices in California, the U.K. and India.
“Paragon is an ideal partner to achieve our common long-term goals to drive innovation in clinical research through a technology-amplified service platform,” said Jeff Williams, CEO of Clinipace Worldwide. “Bringing our two companies together provides the foundation for a more compelling service offering.”
Clinipace’s offerings include clinical development services, strategic product development, regulatory and GxP/CMC/QA consulting.
Clinipace Worldwide said bringing the two companies together strengthens its already strong oncology franchise, with additional therapeutic expertise in cardiovascular, immunology, infectious diseases, central nervous system, respiratory, dermatology and medical device clinical research services. The combined company will have a total of 12 offices in eight countries: the U.S., U.K., Switzerland, Germany, Israel, Brazil, Argentine and India.
Paragon clients will gain access to Clinipace’s proprietary technology and a comprehensive and integrated clinical operations, data management, biostatistics and regulatory consultancy in North and South America and Europe.
The company will double in size to more than 430 global employees. The combined company has managed over 1,200 clinical research, strategic product development, regulatory and GxP/CMC/QA projects for venture-backed, mid-tier and strategic pharmaceutical, biotechnology and medical device firms.
“With complementary strengths, we’re thrilled to be combining forces with Clinipace Worldwide to create one globally integrated company,” said Gena Reed, founder and CEO of Paragon Biomedical. “Moreover, the company cultures and senior leadership teams blend well.”
Reed will remain with the combined company in a strategic advisory capacity and will join the Clinipace board of directors. Mark Harvill, previously president and COO for Paragon, will become COO of Clinipace Worldwide, responsible for all global service and delivery-related teams. Chris Porter, formerly Clinipace’s COO, will transition to president and general counsel, continuing to lead corporate and global business development efforts. Carol Abel, Paragon CFO and vice president of administration, will become integration advisor. Jeff Williams will continue as CEO.
There are no layoffs or office closings planned, and the combined company will continue to hire throughout the year. “It is rare to bring two equally sized companies together without reductions, but these two companies fit together very well and we are pleased to preserve and add jobs,” said Williams. “Additionally, our combined contract backlog has increased nearly four-fold compared to a year ago and provides a great platform for our continued growth and innovation.”
Terms of the transaction were not disclosed.