AAIPharma Adds To Oncology Expertise In Acquiring European Firm
Posted September 19, 2006 12:23 p.m. EDT
WILMINGTON, N.C. — AAIPharma
not only expanded its European presence on Tuesday but also broadened its expertise by acquiring a Paris-based firm focused on oncology drug development and medical consulting.
AAIPharma, which emerged from bankruptcy as a privately held firm in March, is buying Cvitkovic & Associes Consultants, or CAC, in an all-cash deal. Terms were not disclosed.
CAC, a contract research organization, employs 100 people, according to an AAIPharma spokesperson. It has offices in Europe, the U.S. and Latin America.
CAC will operate as a business unit within AAIPharma as AAIOncology.
AAIPharma provides product development and support services to pharmaceutical, biotechnology and medical device companies.
"The acquisition of CAC constitutes a major step in building a world class drug development organization that is focused on bringing content-rich and innovative services to its customers worldwide," said Ludo Reynders, chief executive officer of AAIPharma. "In addition to expanding the company's therapeutic expertise, the capabilities of CAC complement the clinical services that AAIPharma currently provides its clients. We are committed to ensuring a smooth transition for CAC's customers, vendors and employees, and look forward to fully utilizing the new competencies and capabilities that CAC brings to accelerate and enhance the organic growth of our company."
The deal is expected to close in the fourth quarter.