US-based CRO Medpace will undergo an “equity recapitalization” with affiliates of CCMP Capital Advisors, under which CCMP will end up with an 80% stake in the company while the remaining 20% share will belong to the current Medpace management team, according to Pharma Times.
No financial details were released.
The existing Medpace management will remain in place, as will August Troendle as president and chief executive officer. Medpace will also continue to operate out of Cincinnati, Ohio once the recapitalization is completed.
Medpace’s relationship with CCMP will allow the CRO to “add global operational depth” and to further its reputation as “a company well-known for therapeutic and operational excellence” in conducting phase I-IV clinical studies.
“The transaction will provide resources to make the strategic long-term investments that are needed to advance our leadership position, grow the core business, and expand our global reach,” commented Troendle.
Medpace has more than 1,000 employees and clinical trial experience in over 40 countries.
As well as phase II-IV development services, the CRO provides phase I/ IIA clinical services through Medpace Clinical Pharmacology; central laboratory and therapeutically specialized testing through Medpace Reference Laboratories; bioanalytical services through Medpace Bioanalytical Laboratories; centralized imaging core laboratory management and reading through Imagepace; and medical device development through Medpace Medical Device.