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news.Encorium Group, a full service multinational clinical research organisation (CRO) conducting studies for pharmaceutical and biotechnology companies, has acquired Progenitor Holdings and its wholly-owned subsidiaries organised in Mexico, Panama, Argentina, Chile, Switzerland, India and Hong Kong.
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The transaction is valued at EUR1.7m including cash and stock, plus earn-out consideration of cash and stock with a value of up to EUR1.5m.
Kai Lindevall, executive officer of Encorium, said: “The acquisition of Progenitor will allow us to offer our clients access to the value of conducting clinical trials in emerging markets such as Latin America, India and Asia Pacific while providing excellent trial management and flexible study delivery.
“We believe our combined experience in the vaccine field is the most impressive amongst medium sized CROs and that the potential of the combined organisations is substantial. We are also happy to broaden our executive team with two experienced and successful entrepreneurial leaders, Renee Moore and Klaus Albrecht, the founders of Progenitor.”
Renee Moore, president and CEO of Progenitor, said: “The strategic combination of the teams at Encorium and Progenitor is an exciting step in the creation of a vaccine focused CRO that can meet clients’ needs internationally.
Progenitor is a European headquartered clinical research organisation providing international drug development services in emerging market regions.