By Clinical Informatics News

August 22, 2016 | Bioclinica’s parent companies—Water Street Healthcare Partners and JLL Partners—announced today that they have signed a definitive agreement to sell the company to international private equity firm, Cinven. The Wall Street Journal is reporting the deal to be worth $1.4 billion. 

"It has been rewarding to work with Water Street and JLL Partners to build Bioclinica into an industry leader that offers exceptional scientific expertise and technology across a global service platform,” said John Hubbard, CEO of Bioclinica in a statement. “They have been excellent partners in supporting our team to build a differentiated business that creates clarity and efficiency in the complex clinical trial process.  We look forward to continuing to broaden our services and deepen our client relationships in partnership with Cinven."

JLL Partners and Water Street merged Bioclinica and CCBR-SYNARC in 2014.  Under their stewardship, Bioclinica completed eight strategic acquisitions to strengthen and broaden its capabilities across every major phase of clinical development.  Bioclinica expanded its customer base to encompass more than 400 of the world's premier pharmaceutical, contract research organizations and medical device companies, including all of the top 50 pharmaceutical companies and top 10 CROs.  In the past two years, Bioclinica's revenues have increased more than 60% and its employee population has more than doubled.

"We are extremely pleased that our partnership with John and JLL achieved our goal of transforming Bioclinica into a high-growth global leader," said Peter Strothman, partner, Water Street in the same statement.  "It is gratifying to see our combined work culminate in a sale that will deliver an outstanding return to our investors.  We believe that Cinven will be an excellent partner with management as they continue to execute Bioclinica's strategic plan."

The transaction is expected to close in the fourth quarter of 2016.