PE firm's £459m capital fund invests in growing CRO
A Simbec-Orion spokesperson told us the company wanted to create a platform for growth, and the option presented by CBPE provided the opportunity for “the management team to remain and take the company forward."
In addition to the investment in shares, CBPE has committed funds for future investment in operations, facilities, and expansion. CBPE expressed its intent to pursue expansion of Simbec-Orion geographically into the US, continental Europe, and across all its business units, including early Phase I-III studies, central laboratory studies, and drug development consulting.
Simbec Research and Orion Clinical merged in 2014 to become Simbec-Orion. This merger was funded by the Wales Life Sciences Investment Fund (WLSIF).
Ronald Openshaw, CEO of Simbec-Orion said in a statement, “The combination of Simbec Research and Orion Clinical provided the base to create a growing CRO in the mid-market. We created a strategy for a clearly defined and differentiated offering where our people can use their excellence, commitment and passion to improve patient’s lives.
"We are delighted to secure this return for the WLSIF and have clear plans with CBPE for the future growth of the Group.”
Since 2014, Simbec-Orion has seen revenue increase from £13.2m to more than £30m for the year ending December 31, 2018.
