Australian CRO makes a move across the Pacific for US acquisition
As the CRO industry continues to consolidate, another company is looking to get in on the multi-national action with its latest move.
Avance Clinical, an Australian-based CRO for biotech companies, has acquired US-based research organization C3 Research Associates, giving the company a solid foothold on North American soil.
The private equity group Riverside backed Avance’s move, and the new US operations are forecasted to generate $30 million to $40 million in revenue over the next two years. Avance said it will be making significant investments in the US operations, including growing the team to more than 120 people and leveraging its deep industry experience across a broad range of therapeutic areas, in particular oncology. The due diligence for the move took around six months, according to the company.
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