When Venn bought German contract research organization (CRO) CRM Clinical Trials for €600,000 ($810,000) in October, CEO Tony Richardson told Outsourcing-Pharma.com the firm was “engaged with a number of acquisition opportunities” and there would be more to come.
Now just weeks later, the European CRO has made good on its words, announcing yesterday it was expanding its business by purchasing Belfast, UK-based firm Medevol for a total of £670,000 ($1.1m).
“Medevol is the right fit for Venn as we continue to expand our business across Europe and increase our project pipeline,” said Richardson, adding that the firm shared a global pharmaceutical client with Venn and CRM and thus the opportunity exists to “to develop that relationship as a key strategic account for the group going forward.”
Brendan Mullan, Chairman of Medevol, added: “Venn provides us with access to a broader client base in addition to extensive experience and skills.”
When Richardson spoke to us last month, he said Venn had positioned itself as an “expert in Europe,” a place that “remains a reassuringly complicated” market in which to conduct trials.
In a statement yesterday Richardson said through the acquisition of Medevol: “The skills and talent that we are adding to our company further enhance our reputation as a mid-sized CRO that stays close to its clients, guiding them through the often complicated process of conducting trials across Europe.”
Outsourcing-Pharma.com recently spoke with Parexel at PCT regarding the future of the industry. Christian Buhlmann - VP of Marketing - said big CROs were driving strategic partnerships and small, niche CROs offered certain expertise, it was the mid-sized CROs who were being forced to follow a different strategy - such as consolidation - in order to avoid being squeezed out.
Venn’s strategy is in the near-term to expand its coverage across Europe through strategic acquisitions and organic growth, according to the firm.