Synteract cites global expansion as driver for HCR takeover
The proposed acquisition – financial terms of which were not disclosed by the private equity-owned, San Francisco-headquartered contract research organisation (CRO) – will add HCR’s capabilities in early phase pharmacology and Phase II to IV services.
The deal – which is expected to complete in the first quarter – will create a combined company with a workforce of 800 employees in 16 countries under the leadership of Synteract CEO Wendel Barr.
Francisco Harrison – HCR founder and current chairman – will take a seat on the Synteract board and the Germany firm’s CEO Benedikt van Nieuwenhove will take change of operations in Europe.
Alex Earls, a spokesman for Synteract’s private-equity owners Gryphon Investors, explained that global expansion is the key motivated for the takeover.
“The acquisition provides Synteract with a strong geographic presence in Western and Eastern Europe and an emerging presence in South America.
“Importantly, this acquisition will allow Synteract to more effectively meet the global trial needs of its customer base and brings significant adaptive trial, medical device and nutraceutical expertise to the combined company.”
Synteract’s only current European operation is its office in Prague in the Czech Republic that it opened in 2009 in a bid to increase its access to treatment naïve clinical trial participants.