Combined Company Creates Clear Leader for Imaging Core Lab Services
BioClinica®, Inc., (NASDAQ: BIOC), a global provider of
clinical trial management services, announced today that JLL Partners
and Ampersand Capital Partners, two leading middle market private equity
firms, have completed their acquisition of BioClinica and CoreLab
Partners and have combined the two companies under the name BioClinica.
This merger brings together two of the most experienced and trusted
authorities in medical imaging management for clinical trials and
creates a new standard in imaging core lab services, cardiovascular
safety monitoring, and eClinical trial management solutions.
“The unification of BioClinica and CoreLab Partners will enhance the
existing service quality and technological innovation supported by
scientific and medical expertise that have long been hallmarks of these
two companies,” said Mark Weinstein, who will lead the newly combined
company as President and CEO. “This merger produces a stronger
BioClinica that is better able to support pharmaceutical, biotechnology,
and medical device development.”
Dan Agroskin, Managing Director of JLL Partners said, “JLL has spent a
significant amount of time gaining an understanding of the
pharmaceutical outsourcing sector and, as a result, we are pleased to
have made these two acquisitions. This combination brings together two
industry leading companies that we are confident will continue to
deliver a strong service offering to their customers. We are excited by
the growth potential of this newly formed platform, and we look forward
to working with the talented management of BioClinica and CoreLab
Partners as they continue to enhance their best-in-class capabilities.”
The combination of BioClinica and CoreLab Partners establishes a clear
industry leader for imaging core lab services and further complements
BioClinica’s other service offerings. BioClinica is better positioned to
offer customers comprehensive support for clinical trials with extensive
capabilities, including:
Scientific and Medical Expertise
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Unmatched scientific and medical expertise in therapeutic areas where
imaging is critical such as oncology, neurology, musculoskeletal, and
cardiology
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A comprehensive suite of cardiovascular safety monitoring services
with unrivaled scientific and technical leadership
Industry-Leading Technologies
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Longstanding experience working across all imaging modalities
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Combined strength in image acquisition protocols, electronic transfer,
management, and central review of medical images
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Leading eClinical solutions for clinical trial management, electronic
data capture, randomization, and supply chain forecasting and
optimization
Recognized Clinical Trial Experience
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A combined total of 50 FDA approved drugs, including 33 in oncology
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Demonstrated flexibility to engage in multiple partnership models and
the independence to collaborate with a sponsor’s choice of
full-service Contract Research Organizations (CROs)
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Global operational support in North America, China, Japan, Germany,
The Netherlands, and France
Follow BioClinica on the Trial Blazers blog at http://www.bioclinica.com/blog,
and on twitter at http://twitter.com/bioclinica.
About the BioClinica, Inc. Merger Transaction
On March 13, 2013, JLL Partners completed its acquisition of BioClinica
through the short-form merger of an entity affiliated with JLLPartners
and BioClinica. BioClinica is the surviving entity in the merger and is
now wholly-owned by affiliates of JLL Partners, Ampersand and certain
other investors. As of the close of business on March 13, 2013,
BioClinica will no longer trade on the Nasdaq Global Market.
In connection with the transaction, KeyBank National Association, CIT
Finance LLC and U.S. Bank National Association acted as the lead
arrangers and joint bookrunners for the financing, which consisted of
$100 million of senior secured facilities, including a $75 million term
loan facility and $25 million revolving facility, undrawn at close.
Excel Partners acted as financial advisor to BioClinica, and Morgan,
Lewis & Bockius LLP acted as legal counsel to BioClinica. Robert W.
Baird acted as financial advisor to CoreLab Partners and Edwards,
Wildman Palmer LLP acted as legal counsel to CoreLab Partners and
Ampersand Capital Partners. Skadden, Arps, Slate, Meagher & Flom LLP and
Simpson Thacher Bartlett LLP acted as legal counsel to JLL Partners.
About BioClinica
BioClinica is a leading global provider of integrated,
technology-enhanced clinical trial management services. A 2013 merger
with CoreLab Partners created a new standard for imaging core lab
services including electronic transfer, management, and independent
review; cardiovascular safety monitoring including automated ECG,
Thorough QT studies, Holter monitoring, ambulatory blood pressure
monitoring and pulse wave analysis; and eClinical solutions for
electronic data capture, randomization, clinical trial management, and
clinical supply chain forecasting and optimization. BioClinica offers
unmatched scientific expertise with a team of respected medical
researchers and board certified, sub-specialty trained radiologists,
cardiologists, nuclear medicine physicians and oncologists. With more
than 28 years of experience and over 3,300 successful trials to date,
BioClinica has supported the development of many new medicines through
all phases of the clinical trial process. BioClinica operates
state-of-the-art, regulatory-body-compliant imaging core labs on two
continents, and supports worldwide comprehensive cardiovascular safety,
and eClinical and data management services from offices in the United
States, Europe and Asia. For more information, please visit www.bioclinica.com.
About JLL Partners
JLL Partners is a leading New York-based private equity investment firm
with approximately $4 billion of capital under management. JLL Partners’
investment philosophy is to partner with outstanding management teams
and invest in companies that they can continue to grow into market
leaders. JLL Partners has invested in a variety of industries, with
special focus on the healthcare and pharmaceutical services industries.
For more information, please visit www.jllpartners.com.
About Ampersand
Ampersand Capital Partners, based in Boston, is a leading private equity
firm that focuses on middle market growth equity investments in the
Healthcare sector. Ampersand Capital Partners leverages its unique blend
of private equity and operating experience to build value and drive
long-term performance alongside its portfolio company management teams.
For more information, please visit www.ampersandcapital.com.
Certain matters discussed in this press release are “forward-looking
statements” intended to qualify for the safe harbors from liability
established by the Private Securities Litigation Reform Act of 1995. In
particular, the Company’s statements regarding trends in the marketplace
and potential future results are examples of such forward-looking
statements. The forward-looking statements include risks and
uncertainties, including, but not limited to, the consummation and the
successful integration of current and proposed acquisitions, the timing
of projects due to the variability in size, scope and duration of
projects, estimates and guidance made by management with respect to the
Company’s financial results, backlog, critical accounting policies,
regulatory delays, clinical study results which lead to reductions or
cancellations of projects, and other factors, including general economic
conditions and regulatory developments, not within the Company’s control.
The factors discussed herein and expressed from time to time in the
Company’s filings with the Securities and Exchange Commission could
cause actual results and developments to be materially different from
those expressed in or implied by such statements. The
forward-looking statements are made only as of the date of this press
release and the Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstance.
You should review the Company’s filings, especially risk factors
contained in the Form 10-K and the recent Form 10-Q.
