MANCHESTER, England - Tuesday, February 24th 2015 [ME NewsWire]
Synexus has been acquired from Lyceum Capital with the backing of LDC
The deal will enable Synexus to further expand both its global network
of clinical research centres - into the US, Asia and South America - and
the range of therapy areas it focuses on.
Synexus’, the global leader in its field, contracted order book stands today at a record $216 million.
(BUSINESS
WIRE)-- Today (Monday 23rd February 2015) Synexus, the world’s largest
multi-national company dedicated to the recruitment and running of
clinical trials at its own research centres across the globe, completed a
management buyout from Lyceum Capital with the backing of LDC.
LDC is the leading private equity company in the UK mid-market and part of the Lloyds Banking Group.
Commenting
on the deal Christophe Berthoux, CEO of Synexus said: “We are delighted
to be partnering with LDC. This will give us the firepower to continue
expanding our international network and to broaden the number of therapy
areas we offer to our pharma and CRO clients.
“We also
need to continue to invest in our infrastructure and operations so that
we carry on providing clients the best solution delivering thousands of
patients and providing excellent quality data.
“We are
very grateful to Lyceum. They had the business knowledge and expertise
that has helped us transform the company into a professional
organisation. The partnership with LDC marks the next phase in our
ambitious growth plans.”
Synexus recorded revenues of
$63m and profits (EBITDA) of $12m for the financial year ending December
2014, representing a 140 per cent increase in turnover since 2011.
Further increases are expected in 2015. Synexus’ contracted order book
currently stands at a record $216m an increase of $193m since 2011.
This
significant growth has been achieved through a targeted buy-and-build
strategy which has included launching new sites and acquiring four
businesses since 2007.
Since being taken private in
2007 Synexus has expanded its international network from 13 to 25
dedicated research centres across eight countries. At any one time these
centres are involved in more than 200 trials with 14,000 patients.
Recent expansion has included new site openings in Hexham in the UK (a
pioneering partnership with the NHS), Bochum in Germany, Bucharest in
Romania, Poznan in Poland and Sofia in Bulgaria. Synexus also acquired a
site near Cape Town in South Africa. This expansion has increased its
access to more than 68 million potential patients. In addition it has a
network of 25 complementary affiliate sites which further extends
Synexus’ reach.
The Synexus model uses its scale to
deliver cost advantages and improve speed to market for new compounds.
Synexus’ scale also allows it to benefit from its investment in
best-in-class quality SOPs, dedicated scientific advisory boards for
each therapeutic area and a wide network of KOLs to provide valuable
insight to customers. Its specialist tailored enrolment and retention
strategies address a key challenge in the global clinical trial industry
where almost 90 per cent of all trials undertaken are delayed due to
slow patient enrolment resulting in lost sales revenue.
LDC
is backing the Synexus management team to realise a clear strategy both
through organic growth, using its scale and expertise to continue to
take share in what is predominantly a highly fragmented market
comprising around 80,000 independent GPs/investigators globally and
through the acquisition of a number of potential targets.
The
deal was led by LDC Director Ged Gould, who was supported by Investment
Directors Simon Braham and Chris Wright. Ged Gould will join the board
of Synexus.
Ged Gould, Director and Co-Head of LDC in
Manchester, said: “We believe this is a particularly good sector as
pharma continues to outsource their development activity. Synexus as the
world leader in its field will benefit from this trend as well as the
continued growth of the healthcare industry.
"Christophe
and the management team have done a fantastic job in building an
international network in recent years and we are eager to further
support the business break into new markets as it targets opportunities
in the US, South America and Asia."
ENDS
Notes to editors:
About Synexus
Synexus®
is the world’s largest multi-national company dedicated to the
recruitment and running of clinical trials at its own research centres
across the globe on behalf of its pharmaceutical, biotech and CRO
clients. Synexus operates a global network of 25 dedicated research
centres (DRCs) in eight countries– UK, Germany, Poland, South Africa,
Romania, Hungary, Bulgaria and Ukraine - focusing on cardiovascular,
metabolic (diabetes and obesity), musculo skeletal, respiratory and CNS
(dementia and pain) trials mainly in phase III.
About LDC
LDC
is the leading private equity company in the UK mid-market. LDC is part
of the Lloyds Banking Group and is authorised and regulated by the
Financial Conduct Authority. It has completed over 485 investments and
has ongoing interests in over 85 businesses in the UK. With a UK
regional network, LDC invests up to £100m in MBOs, IBOs and Development
Capital transactions in a broad range of sectors including Construction
& Property, Financial Services, Healthcare, Industrials, Retail
& Consumer, TMT, Travel & Leisure and Support Services. Recent
transactions include investments with NEC Group, Waterfall Services,
Capital Economics, Eley Group, Adler and Allan, Clifford Thames and
Anite Travel.
Contacts
Vane Percy & Roberts
Simon Vane Percy
or
Sarah Roberts
+44 (0) 1737 821890
simon@vanepercy.com
sarah@vanepercy.com
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