Sunday, April 30, 2006
The search for top quality phase I sites just got even harder as Covance, a leader in the hot early clinical development arena, entered into a definitive agreement to acquire eight early phase clinical development sites from Radiant Research, a site management organization that owns 30 sites, for $65 million. Covance is paying about 2.5 times revenue for the eight sites, which generate $25 million in annual revenue. Seattle-based Radiant Research will continue to operate its phase II through IV sites,but employees associated with the eight phase I sites will become Covance employees. Covance, one of the top global contract research organizations (CROs), has more than 7,300 employees worldwide.