Acquisition Expands ICON's Global Resourcing, FSP and Safety
Capabilities
DUBLIN--(BUSINESS WIRE)--
ICON
plc, (NASDAQ:ICLR) (ISIN:IE0005711209), a global provider
of outsourced development services to the pharmaceutical, biotechnology
and medical device industries, today announced that it has agreed,
subject to certain closing conditions, to acquire the Clinical Trial
Services Division of Cross
Country Healthcare, Inc. (NASDAQ:CCRN), for a cash consideration
of $52 million, plus an earn-out of up to $3.75 million related to
certain performance-based milestones. The transaction is expected to
close within the next 30 days.
Cross Country Healthcare's Clinical Trial Services Division includes
leading US resourcing providers, ClinForce
and Assent
Consulting, whose services include contract staffing, permanent
placement and functional service provision. The division also includes AKOS,
a leading US and EU provider of pharmacovigilance and drug safety
services. ClinForce and Assent will be combined with ICON's FSP
division, DOCS,
creating a leader in global resourcing and FSP, while AKOS will enhance
the services offered by ICON's medical and safety services team.
Commenting on the acquisition, Ciaran Murray, CEO at ICON plc, said:
"The demand for flexible resourcing solutions continues to grow as
biopharma companies employ a range of outsourcing models to meet their
development goals more efficiently. The ClinForce and Assent businesses
will significantly expand our resourcing and FSP capabilities in the US
and, when combined with DOCS strong European footprint and growing
emerging markets presence, gives us the ability to deliver truly global
resourcing solutions. Additionally, AKOS enhances our expertise in the
areas of pharmacovigilance and drug safety consulting, which are
increasingly important capabilities required by our clients."
This release contains, and our officers and representatives may from
time to time make, "forward-looking statements" within the meaning of
the safe harbor provisions of the U.S. Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
words such as: "anticipate," "intend," "plan," "expect," "strategy" and
similar references to future periods. Forward-looking statements are
neither historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and assumptions
regarding the future of our business, future plans and strategies,
anticipated events and trends, the economy and other future conditions.
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in circumstances
that are difficult to predict and many of which are outside of our
control. Our actual results may differ materially from those indicated
in the forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could cause
our actual results to differ materially from those indicated in the
forward-looking statements include, among others, strategic actions,
including our success in integrating ClinForce, Assent Consulting and
AKOS; general economic and financial conditions; the extent to which we
are successful in implementing our strategy, gaining new, long-term
relationships with customers and retaining existing ones; the risk of
competition on our industry; developments and changes in laws and
regulations; and such other factors as discussed in Part I, Item 3 "Risk
Factors" in our Form
20-F for the fiscal year ended December 31, 2011. Any
forward-looking statement made by us in this release is based only on
information currently available to us and speaks only as of the date on
which it is made. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be made
from time to time, whether as a result of new information, future
developments or otherwise.
About ICON plc
ICON plc is a global provider of outsourced development services
to the pharmaceutical, biotechnology and medical device industries. The
company specialises in the strategic development, management and
analysis of programs that support clinical development - from compound
selection to Phase I-IV clinical studies. With headquarters in Dublin,
Ireland, ICON currently, operates from 82 locations in 40 countries and
has approximately 9,430 employees. Further information is available at http://www.iconplc.com.
About Cross Country Healthcare
Cross Country Healthcare, Inc. is a leader in healthcare staffing with a
primary focus on providing nurse and allied and physician (locum tenens)
staffing services and workforce solutions to the healthcare market. The
Company believes it is one of the top two providers of nurse and allied
staffing services, one of the top four providers of temporary physician
staffing services, and one of the top five providers of retained
physician and healthcare executive search services. The Company also is
a leading provider of education and training programs specifically for
the healthcare marketplace. On a company-wide basis, Cross Country
Healthcare has approximately 4,000 contracts with hospitals and
healthcare facilities, and other healthcare organizations to provide our
staffing services and workforce solutions. Copies of this and other news
releases as well as additional information about Cross Country
Healthcare can be obtained online at www.crosscountryhealthcare.com.
Shareholders and prospective investors can also register to
automatically receive the Company's press releases, SEC filings and
other notices by e-mail.
ICON/ICLR-F
ICON
Brendan Brennan
Chief Financial Officer
+
353-1-291-2000
or
Sam Farthing
VP Investor Relations
+
353-1-291-2000
All at ICON
or
Cross Country
Healthcare, Inc.
Howard A. Goldman
Director/Investor &
Corporate Relations
Phone: +1-877-686-9779
Email: hgoldman@crosscountry.com
Source: ICON plc
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