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news.PHC doing business as Pioneer Behavioral Health, a provider of inpatient and outpatient behavioral health services, has completed the sale of its Pivotal Research Centers to Premier Research Arizona, a unit of Premier Research Group, a contract research organization, for a total consideration of $5 million.
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The consideration comprises of $3 million paid in cash to PHC at closing and additional payments totaling $2 million that are contingent upon Pivotal Research Group achieving certain revenue targets over the course of the next 12 months.
Bruce Shear, Pioneer’s president and CEO, said: “The completed sale of Pivotal advances our plan to focus on our faster growing core business of delivering behavioral healthcare.
“We plan to use the funds from the sale to further operations we have under development in key markets like Las Vegas and Detroit. Our strong balance sheet gives us the flexibility to invest in our business as well as capitalize on other opportunities we have under consideration.”