Synexus Acquisition of ClinPharm to Be Biggest Deal in Company History
Monday, December 7, 2009
As part of the acquisition, Synexus will gain 10 clinical research centers—eight in Germany, one in Austria and one in the Ukraine—increasing the company’s number of dedicated research centers to 26 in nine countries and growing its headcount to 350 employees (70 of which will come from ClinPharm). The company did not release financial terms of the deal, but Synexus CEO Michael Fort said it is the most his company has paid for an acquisition.
“It’s not so much the size of [the deal],” Fort said. “It’s the geographies it’s in, the therapy areas it’s in, what it adds to Synexus. This is a transformational deal. It’s much easier to buy 10 sites in one go than it is for me to get on an airplane, travel the world and buy 10 sites individually.”
Under the terms of the acquisition, which is expected to close in January, ClinPharm’s founder and CEO Hans-Detiev Stahl, M.D., Ph.D., will join Synexus as European medical director. Dr. Helena Sigal, ClinPharm’s director of operations, will become Synexus’ country manager in Germany.