Bellevue, Wash.-based Radiant Research, the largest owned-model site management organization (SMO) with 26 sites, has completed a sale of the business to an ownership group led by ICICI Venture, a private equity company with $2 billion under management. Company officials said June 8th that Radiant will continue to provide development, study conduct and centralized patient recruitment services.

Radiant Research has undergone many changes lately. In May 2006, Radiant Research sold its eight phase I units to Covance for $65 million. Those phase I units generated $25 million in annual revenue. Founder and former chief executive officer Mike Lester left the company in August 2006.

“After the sale of our phase I business unit, we refocused our attention to our core business units, which consist of Radiant Research for phase II-IV study conduct services, Radiant Development for CRO services and Radiant Recruitment, which offers centralized recruitment services for the biopharmaceutical industry,” said Spaniac.

Spaniac and the management team at Radiant will remain at the company. Radiant has 400 employees and an estimated $70 million in annual revenues.