CRA Buys Psychiatric Trial Firm CCD
CRA, based in Arizona, US, works with pharma and contract research organisations (CROs) in performing clinical trials and is expanding its client offering with the purchase of the late phase division of Florida-based CCD.
Mark Hanley, CEO of CRA told Outsourcing-Pharma.com CCD is “recognized as a leader in psychiatric clinical trials” and brings extra research capabilities and strengthens CRA’s clinical trial site services.
“The company has partnered with several of the most respected psychiatric hospitals in the country and participated in the development of every major psychiatric drug over the past 10 years.”
Psychiatric clinical trials - specifically in schizophrenia, bipolar disorder, depression, and Alzheimer’s disease - are a new area for CRA but the firm sees the acquisition as a way of increasing capability to meet growing demand in the pharmaceutical market.
Financial details were not disclosed when asked but as part of the deal CRA will keep several key staff members from CCD’s corporate office in Florida as well as all staff at four independent sites located in Georgia, California, New York and Washington D.C included in the acquisition.
In March this year, CCD filed for reorganization under Chapter 11 of the United States Bankruptcy Code.
Gradual Growth
In 2011 CRA set up new offices in Colorado as part of several expansions, predicting increased demand for trials in light of healthcare reforms.
When asked by this publication whether such a forecast had been proven, Hanley said: “We have seen an uptick in biosimilar trials, but not as much as we originally expected.”
However, he continued, “the clinical trials industry has continued to grow overall, and it appears that we are on track to reach the level of activity that we saw pre-2009.”
