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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