Encorium is buying fellow CRO Progenitor Holdings in a cash and shares deal worth €1.7 million up front and another potential €1.5 million in cash and stock-based earn-out payments. The deal includes Progenitor’s wholly owned subsidiaries in Mexico, Panama, Argentina, Chile, Switzerland, India, and Hong Kong.
Headquartered in Europe, Progenitor specializes in the provision of drug development services in emerging market regions. Encorium says the acquisition means it will be able to offer clients the capability of running clinical trials in South America, India, and Asia Pacific.
“The strategic combination of the teams at Encorium and Progenitor is an exciting step in the creation of a vaccine-focused CRO that can meet clients’ needs internationally,” comments Renee E. Moore, Progenitor’s president and CEO. “Together the organizations have been involved in over 70 vaccine and infectious-disease trials with over 50,000 patients recruited in recent years.”
“The acquisition provides a key advancement of our strategic goal of becoming the world’s leading vaccine clinical research organization,” adds Kai Lindevall, M.D., Encorium CEO.