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news.Icon, a provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, has acquired Prevalere Life Sciences, a contract research organization and a wholly owned subsidiary of ORS Labs.
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Under the terms of the agreement Icon will pay initial cash consideration of $35 million. If certain performance milestones are achieved, a further consideration, up to a maximum of $8.2 million may be payable.
Prevalere will complement Icon’s existing European-based bioanalytical lab capabilities, where Icon Development Solutions recently moved to a new, purpose-built bioanalytical and immunoassay laboratory in Manchester, England.
Peter Gray, CEO of Icon, said: “The acquisition of Prevalere gives Icon much greater scale in the market for bioanalytical and immunoassay laboratory services and adds value to our service offering in early phase clinical development. Prevalere brings to Icon a highly experienced team, an excellent lab facility in the US and a strong market reputation amongst top-tier pharmaceutical and biotechnology companies.”