Kirkland, Wash.-Radiant
Research Inc., a national site management organization (SMO) performing
clinical trials, announced today that it is acquiring the pharmaceutical
research division of Hill Top Research, Inc. The acquisition will make Radiant
the nation's largest owned-model SMO, employing more than 500 investigators and
site personnel experienced in conducting over 5,000 studies across 16
therapeutic areas.
Under the terms of the acquisition, Radiant is purchasing 20
pharmaceutical sites from Hill Top as well as the company's information
technology system and national patient recruitment call center. The acquisition
doubles Radiant's capacity to include 38 investigative research sites.
Cincinnati, Ohio-based Hill Top will focus on its consumer products testing
business under the continued leadership of J. James Pearce, Jr., president and
chief executive officer (CEO).
"We're combining two of the nation's leading SMOs into one
family of research-dedicated professionals.The deal made sense because we shared a common vision of providing our
clients a family of integrated investigative sites able to conduct entire Phase
I, II and III clinical trials," said Mike Lester, Radiant's CEO and
president."This powerful combination
of sites and investigators provides Radiant the ability to execute better,
faster clinical trials, as no one in the industry has done before."
"The integration of
two industry leaders into one dominant SMO doubles capacity and simultaneously
decreases overhead-this speaks to the efficiency the combined organization
offers clients," said Jim Pearce, Hill Top's CEO. "The sale of the SMO business
allows us to focus our resources to better serve our Consumer Product customers
and further solidify our number one position worldwide in this
marketplace."
"The bulk of our four-phase integration plan will be
executed over the next 90 days," said Mike Lester. "While this is certainly our
largest acquisition, we've been through the integration drill 16 times now and
we improve each time. Radiant and Hill Top's clients can expect research to
continue as usual, while we work on delivering better resources and even more
investigators dedicated to our mission of changing the nature of clinical
studies."
The agreement, reached in principle last week, is expected
to be signed by both organizations the week of May 26.
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About Radiant Research
Based near Seattle, Washington, Radiant Research (radiantresearch.com) is a comprehensive clinical research and development company serving 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.
About Hill Top Research
Hill Top Research, Inc. (http://www.hill-top.com) is the world's largest consumer product testing company with nine research centers throughout North America and Europe. It conducts testing for the leading manufacturers of personal care cosmetics, oral care and over-the-counter (OTC) drug products. Hill Top Research is headquartered in Cincinnati, Ohio.
| Contact: |
|
Michael K. Lester
Chief Executive Officer
RADIANT RESEARCH
(425) 468-6200 |
Pamela M. Spaniac
Chief Financial Officer
RADIANT RESEARCH
(425) 468-6200 |