Highlights
- Fortrea completes acquisition of the Early Phase Services division from Worldwide Clinical Trials
- Adds a 60,000-square-foot GLP-compliant bioanalytical laboratory in Austin, Texas; a 200-bed GCP-compliant clinical pharmacology unit in San Antonio, Texas; and a biospecimen storage facility in Pflugerville, Texas
asserted
Fortrea → complete → Pflugerville
Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (“CRO”), today announced it has completed its acquisition of the Early Phase Services division from Worldwide Clinical Trials.
asserted
it → lead → Trials
The division consists of a Clinical Research Unit (“CRU”) and Bioanalytical Laboratory operations, in an all-cash transaction valued at approximately $45 million.
asserted
division → consist → million
The acquisition strengthens Fortrea’s end-to-end clinical development platform by adding a 200-bed Good Clinical Practice-compliant CRU in San Antonio, Texas; a 60,000-square-foot Good Laboratory Practice-compliant bioanalytical laboratory in Austin, Texas; and a biospecimen storage facility in Pflugerville, Texas.
asserted
acquisition → strengthen → Pflugerville
Together, these assets expand Fortrea’s early-phase capacity to more than 570 beds globally and add in-house large and small molecule bioanalytical capabilities to support clients from first-in-human studies through proof-of-concept and later-stage development.
asserted
assets → expand → concept
“Completing this acquisition further strengthens our integrated, scalable and scientifically differentiated clinical development platform,” said Anshul Thakral, CEO of Fortrea.
asserted
Thakral → complete → Fortrea
“This transaction demonstrates tangible progress in Fortrea’s return to growth as we invest in our ability to win new opportunities and create lasting value for clients.
asserted
we → demonstrate → clients
By bringing together complementary clinical pharmacology and bioanalytical capabilities, we expect to expand the speed, flexibility and talent we can offer clients as they advance increasingly complex development programs.
asserted
they → bring → programs
We are pleased to welcome the Early Phase Services team to Fortrea and look forward to delivering a seamless experience for clients, volunteers and the patients we ultimately serve.”
asserted
we → please → clients
“With this investment, Fortrea adds capability and capacity in its commitment to help clients design and execute early development programs with greater speed, scientific rigor and operational connectivity,” said Scott Dove, Ph.D., president, Clinical Pharmacology Services at Fortrea.
asserted
Dove → add → Fortrea
“The addition of dedicated bioanalytical capabilities and expanded CRU capacity gives our teams more ways to support both simple and complex studies, streamline execution and generate high-quality data that inform development decisions.
asserted
that → expand → decisions
The addition of these capabilities complements Fortrea’s existing Clinical Pharmacology Services business and broadens its North American CRU footprint.
asserted
addition → complement → footprint
The combined platform is designed to reduce operational handoffs between clinical and bioanalytical functions, improve turnaround times and provide clients with greater flexibility for complex and larger participant studies, broader access to distinct volunteer populations and expanded bedspace capacity across Fortrea’s early development network.
asserted
platform → design → network
Fortrea and Worldwide Clinical Trials have also entered into agreements intended to support continuity for clients, employees and ongoing programs.
asserted
Fortrea → enter → clients
Both organizations remain focused on maintaining project momentum and providing a seamless transition for employees, clients and volunteers.
asserted
organizations → remain → employees
The acquired Early Phase Services operations are now part of Fortrea’s Clinical Pharmacology Services business unit.
asserted
operations → acquire → unit
Advisors
Barclays served as financial advisor to Fortrea, and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as its legal counsel.
asserted
Levin → serve → counsel
About Fortrea
Fortrea (Nasdaq: FTRE) is a leading global provider of clinical development solutions to the life sciences industry.
asserted
Fortrea → lead → industry
We partner with emerging and large biopharmaceutical, biotechnology, medical device and diagnostic companies to drive healthcare innovation that accelerates life changing therapies to patients.
asserted
that → partner → patients
Fortrea provides phase I-IV clinical trial management, clinical pharmacology and consulting services.
asserted
Fortrea → provide → management
Fortrea’s solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights and a strong investigator site network.
asserted
solutions → leverage → rigor
Our talented and diverse team working in about 100 countries is scaled to deliver focused and agile solutions to clients globally.
asserted
team → work → clients
Learn more about how Fortrea is streamlining drug development at Fortrea.com and follow us on LinkedIn, X and Bluesky.
asserted
Fortrea → learn → LinkedIn
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act and Section 21E of the Exchange Act.
asserted
release → regard → Act
Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the anticipated benefits of the transaction, including future financial and operating performance, and the anticipated timing for completing the transaction.
asserted
that → look → transaction
In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “guidance,” “expect,” “assume,” “anticipate,” “intend,” “plan,” “forecast,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
asserted
statements → look → words
Actual results could differ materially from these forward looking statements due to a number of factors, including, but not limited to: the parties’ ability to meet expectations regarding the accounting and tax treatments of the proposed transaction; the anticipated benefits of the acquisition may not be realized, or may be realized more slowly or to a lesser extent than expected, difficulties, delays, costs or disruptions associated with integrating the acquired business, operations, employees, systems and processes into the Company,
uncertain
benefits → differ → Company
the ability to retain existing customers and business relationships of the acquired operations and win new business following the acquisition, the ability to retain and integrate key employees of the acquired business, the parties’ ability to perform their respective obligations under transition services and other agreements, unanticipated liabilities, expenses or adverse effects associated with the acquired business, the ability to maintain applicable regulatory, quality and accreditation requirements for the acquired sites, and other factors described from time to time in documents that the Company files with the SEC.
asserted
Company → retain → SEC
For a further discussion of the risks relating to the Company’s business, see the “Risk Factors” Section of the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission (the “SEC”), as such factors may be amended or updated from time to time in the Company’s subsequent periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.
uncertain
which → relate → www.sec.gov
These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included or incorporated by reference in this report and in the Company’s filings with the SEC.
asserted
that → construe → SEC
All forward-looking statements are made only as of the date of this report and the Company does not undertake any obligation, other than as may be required by law, to update or revise any forward-looking statements to reflect future events or developments.
uncertain
Company → look → events
The Aporia
