BioClinica, CoreLab Partners Merged into New Company
Private equity firm JLL Partners is acquiring both BioClinica, a provider of clinical trial management solutions, and CoreLab Partners, a provider of medical imaging solutions and cardiac safety services based in Princeton, NJ. Following the acquisitions, BioClinica and CoreLab Partners will be merged to create a provider of medical imaging services and eClinical solutions for clinical trials. Ampersand Capital Partners, which is the majority owner of CoreLab Partners, will also be a significant investor in the combined company.
Mark L. Weinstein, currently president and CEO of BioClinica, will lead the combined company. After the acquisition is complete, BioClinica will become a privately held company.
“After careful and thorough analysis, together with our independent advisors, the strategic committee of our board has endorsed this transaction as being in the best interest of the company and our shareholders,” David E. Nowicki, DMD, chairman of BioClinica's board of directors and also of its strategic committee, said. “We are pleased that the transaction appropriately recognizes the value of BioClinica as one of the leaders in providing clinical trial management solutions to the pharmaceutical and medical device industries, while providing our shareholders with immediate cash liquidity for their investment in BioClinica.”
CoreLab Partners was itself the result of a merger between core laboratories Rad-Pharm and Medifacts International back in February of 2010. Also, in March of the same year, BioClinica bought substantially all of the assets of clinical trial management software company TranSenda International for 577,960 shares of BioClinica unregistered common stock, thus acquiring TranSenda.