Quintiles paid $146.5M for CRO Novella, SEC filing shows

By Zachary Brennan contact

- Last updated on GMT

Novella could earn $21m more in the deal
Novella could earn $21m more in the deal

Related tags: Income statement

CRO Quintiles said that it paid $146.5M in cash for oncology and device CRO Novella Clinical.

According to filing with the US SEC​, Quintiles purchased 100% of Novella for about $146.5m, though they may pay as much as $21m more if Novella meets “certain revenue and net new business targets for approximately three years following closing​.”

Quintiles also said it “recognized a liability of approximately $14.3 million as the estimated acquisition date fair value of the earn-out​.”

Industry insiders in August told us​ that the deal made sense for Quintiles as Novella could offer the CRO access to new markets.

The company also incurred other expenses during the second quarter of 2013, including a $25m fee in connection with the “termination of the management agreement with affiliates of certain shareholders​” and a $1.5m fee “paid in connection with the modification of an agreement for the business usage of an airplane​.”

This latest SEC filing was related to the company’s most recent earnings report, which revealed that the company is upping its earnings per share forecast​ for the rest of the year.

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