Bellevue, Wash. – Radiant Research, a comprehensive clinical research company that provides phase I-IV study conduct and drug development services to the biopharmaceutical industry, today announced that it has entered into a definitive agreement to sell its Early Phase Clinical Research Business Unit which includes eight clinical pharmacology units to Covance, Inc. based in Princeton, New Jersey for approximately $65 million.
“Over the last two years we have added considerable early phase capabilities and capacity to our clinical research business model that has created significant value for our customers and our shareholders,” stated Michael Lester, Chief Executive Officer of Radiant Research. “We have created a unique service offering in the Phase Ib/IIa research arena that compliments Covance’s early clinical services capabilities and where there continues to be a growing demand in the United States.”
Radiant’s clients and study participants can expect our Phase II-IV study conduct and drug development services to continue as usual. “Our Phase II-IV business unit enjoyed a record year in 2005 and our entire senior management team remains committed to delivering professional, high quality Phase II-IV study conduct and drug development services to our biopharmaceutical customers through our more than 30 wholly-owned premier clinical research centers across the United States,” said Pamela Spaniac, Chief Operating Officer of Radiant Research. “We will be expanding both our study conduct and drug development services offering to our biopharmaceutical customers in the second half of 2006.”
About Radiant Research:
Based near Seattle, Washington, Radiant Research (radiantresearch.com) is a comprehensive clinical research company that provides Phase II-IV study conduct and drug development services to the biopharmaceutical and medical device industry. Radiant is comprised of more than 30 wholly-owned premier clinical research centers nationwide, employing over 500 clinical research professionals exclusively focused on providing professional, high quality study conduct and drug development services. In the past four years, Radiant has conducted more than 8,000 clinical trials across 18 therapeutic specialties.
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