Premier Research Arizona, a division of UK-based CRO Premier Research Group, signed a purchase agreement to acquire Pivotal Research Centers, a site management organization specializing in phase II/IIa clinical trials.
Pivotal is owned by Peabody, Mass.-based Pioneer Behavioral Health, a provider of inpatient and outpatient behavioral health services.
Under the terms of the purchase agreement, Premier will pay a total of $4.75 million for Pivotal, with $3 million to be paid in cash to Pioneer by the closing target date of Feb. 28, 2009, and an additional $1.75 million in payments to be made if Pivotal achieves certain revenue targets.
“The sale of Pivotal, whose operations contributed less than 10% to our revenue in 2008, reflects our plan to focus on our faster growing core business of delivering behavioral healthcare,” said Pioneer’s president and CEO Bruce Shear in a company release.
Pivotal has facilities in Arizona, Michigan and Utah.