Crosstree represented Paragon Biomedical in its sale to Clinipace Worldwide.
Please direct inquiries to:
Shane C. Senior, CFA
Crosstree Capital Partners, Inc.
Case Study text
MORRISVILLE, N.C. and IRVINE, CA (Business Wire) September 25, 2012 – Clinipace Worldwide, a global digital contract research organization (dCRO), and Paragon Biomedical, Inc., a global, full-service contract research organization (CRO), today jointly announced a definitive merger agreement under which Clinipace Worldwide has acquired all outstanding shares of the privately-held, Irvine, CA-based company and its subsidiaries. The merger will significantly expand Clinipace Worldwide’s therapeutic expertise, site management capabilities, and clinical operations. In addition, the company extends its global footprint with the addition of offices in Irvine, California, High Wycombe, United Kingdom, and Trivandrum, India.
“Paragon is an ideal partner to achieve our common long-term goals to drive innovation in clinical research through a technology-amplified service platform. Bringing our two companies together provides the foundation for a more compelling service offering, supported by a substantial body of work spanning 20 years, a great reputation for quality, a differentiated technology-enabled clinical operations platform, a strong site management organization, and an experienced management team,” said Jeff Williams, CEO, Clinipace Worldwide. “We offer a formidable and globally integrated array of clinical development services along with strategic product development, regulatory, and GxP/CMC/QA consultancy”.
Bringing these organizations together strengthens Clinipace Worldwide’s already strong oncology franchise with additional therapeutic expertise in the areas of cardiovascular, immunology, infectious diseases, central nervous system, respiratory, dermatology, and medical device clinical research services. Clinipace Worldwide also greatly expands its global footprint with a total of 12 offices in eight countries.
Paragon clients gain access to Clinipace’s proprietary technology (TEMPO™ eClinical platform); and a comprehensive and integrated clinical operations, data management, biostatistics, and regulatory consultancy in North and South America, as well as Europe.
Together, Clinipace Worldwide will double in size to more than 430 global employees. The combined company has managed over 1,200 clinical research, strategic product development, regulatory, and GxP/CMC/QA projects for venture-backed, mid-tier, and strategic pharmaceutical, biotechnology, and medical device firms.
“With complementary strengths, we’re thrilled to be combining forces with Clinipace Worldwide to create one globally integrated company,” commented Gena Reed, founder and CEO of Paragon Biomedical. “Moreover, the company cultures and senior leadership teams blend well, creating a corporate marriage that is ideal for our employees and customers.” Reed will remain with the combined company in a strategic advisory capacity and will join the Clinipace Board of Directors. Mark Harvill, previously President and Chief Operating Officer for Paragon, will assume the COO role at Clinipace Worldwide where he will be responsible for all global service and delivery-related teams. Chris Porter, formerly Clinipace’s COO, will transition to President and General Counsel, where he will continue to lead corporate and global business development efforts. Carol Abel, Paragon CFO and VP, Administration, will assume the role of Integration Advisor. Jeff Williams will continue to serve as CEO. There are no layoffs or office closings planned; and the new combined organization will continue to hire throughout the year. “It is rare to bring two equally sized companies together without reductions, but these two companies fit together very well and we are pleased to preserve and add jobs” continued Williams. “Additionally, our combined contract backlog has increased nearly 4-fold compared to a year ago and provides a great platform for our continued growth and innovation”.
Terms of the transaction will not be disclosed. Crosstree Capital Partners served as Paragon’s investment banker and advisor.
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