Premier Research Arizona, a division of UK-based CRO Premier Research Group, finalized its deal with Pioneer Behavioral Health to acquire Pivotal Research Centers, a site management organization owned by Pioneer and specializing in phase II/IIa clinical trials.
Under the terms of the purchase agreement, Premier will pay a total of $5 million for Pivotal, with $3 million to be paid in cash to Pioneer at closing, and an additional $2 million in payments to be made if Pivotal achieves certain revenue targets over the course of the next 12 months. The original acquisition agreement, signed in January, called for Premier to make $1.75 million in additional payments, but that amount increased to $2 million before the deal was final.
“The completed sale of Pivotal advances our plan to focus on our faster growing core business of delivering behavioral health care,” said Pioneer’s president and CEO Bruce Shear in a company release.
Pivotal has facilities in Arizona, Michigan and Utah.