-- Acquisition Advances PRA's Footprint in Eastern Europe
RALEIGH, North Carolina, March 4, 2013 /PRNewswire/ -- PRA, a leading clinical research organization, today announced it has acquired privately held ClinStar, LLC, a clinical research organization managing Phase I-IV clinical research trials in the Russian Federation, Ukraine, Belarus and the Baltic States. Through its operations in the region, ClinStar provides clinical development services to a wide range of pharmaceutical and biotechnology companies.
The ClinStar acquisition illustrates PRA's dedication to support its growth in Russia and Eastern Europe, a region that has proven to be very important to the biopharmaceutical industry. The acquisition is well-aligned to PRA's goals of meeting the needs of its clients by establishing a stronger presence with one of the most well established and experienced CROs in the region.
"With ClinStar's high-caliber staff, culture and passion for customer service, it is a logical fit for PRA," said Colin Shannon, President and CEO, PRA. "ClinStar will augment PRA's operations and expertise in Russia and Eastern Europe. Their knowledge and experience in this region complements PRA's overall global reach and infrastructure. We look forward to welcoming ClinStar employees into PRA and combining the expertise of both organizations to benefit both PRA's and ClinStar's clients."
"Our fast patient enrollment, unsurpassed quality and over a decade of successful study delivery in a highly desired geographic location has helped ClinStar to become one of the most well recognized geographically-focused CROs in Eastern Europe," said David Passov, President and CEO of ClinStar who now holds a position of Senior Vice President, Eastern Europe with PRA. "As the largest independent, geographically-focused CRO in the region, we will continue providing our existing and future clients with the fast patient enrollment, high quality and service they are accustomed to receiving from ClinStar, while adding the global reach and full-service capabilities we can now provide with our new colleagues as a part of PRA."
The acquisition also includes ClinStar's stand-alone clinical trial warehousing and logistics division, IMP Logistics, operating in Russia, Ukraine and Belarus. Through IMP Logistics, PRA is now able to offer its clients top-quality cold chain logistics services that include importation of investigational products, clinical supplies, laboratory kits and printed materials, storage in multiple temperature zones, distribution to sites, collection of returned medication and coordination of product destruction. This acquisition provides PRA with a significant competitive advantage in a region where central depot services are integral to study success.
Over the coming months, PRA plans to integrate the 300 ClinStar and IMP Logistics employees with successful operational delivery as a primary objective. Financial terms of the agreement are undisclosed.
PRA is transforming clinical trials through our people, innovation and transparency. PRA provides personalized service customized to the unique requirements of each study. We support our global reach and innovative approach through flexible and reliable service, delivered by skilled employees dedicated to ensuring that sponsors achieve their long-term goals.
We serve our clients across all phases of pharmaceutical and biotech drug development by combining therapeutic and operational expertise with local knowledge. Offering services in 80+ countries and serving sponsors for 35+ years, we have amassed a level of expertise that has enabled us to work on a variety of compounds, ranging from niche treatments and therapies to blockbuster drugs. But at PRA, we are looking to the future, not the past. Our increasingly forward-thinking approach to transforming the clinical trial landscape will continue to make a difference to healthcare patients around the world.