CANADA/US - The Ontario Teachers' Pension Plan has signed a deal with Avista Capital Partners to buy INC Research Inc for an undisclosed sum.
The Ontario Teachers' Pension Plan has signed a deal with Avista Capital Partners to buy INC Research Inc for an undisclosed sum.
The agreement, which Ontario made through its private investor department, Teachers' Private Capital, will see the acquisition of INC Research from an investor group led by Crosspoint Venture Partners and Adams Street Partners.
INC Research is a privately-held, therapeutically focused global contract research organization with deep expertise in managing late stage clinical development programmes. It employs 2,000 people in 40 countries worldwide.
Teachers' executive vice president and chief investment officer Neil Petroff said: "We are enthusiastic to partner with James Ogle, CEO of INC Research, and his talented management team, who have a strong track record of success.
"Under Mr. Ogle's leadership, we are confident INC Research will continue to capitalise on favourable trends in the clinical development outsourcing market and utilize its global reach to enhance its market share."
Avista Capital Partners partner and president David Burgstahler added: "Avista and our partners at Teachers' Private Capital are delighted to add INC Research to our respective healthcare portfolios.
"INC Research has an excellent reputation amongst its premier customer base for quality service and therapeutic expertise, and is well positioned to continue to expand its global footprint and capabilities as a leading contract research organization. We look forward to partnering with the existing management team to support INC Research's next phase of accelerated growth."
Ogle added: "Avista Capital Partners and Teachers' Private Capital are well-regarded investors in healthcare, and we look forward to benefiting from their extensive industry knowledge and experience."
The transaction is expected to close in the fourth quarter of 2010, subject to closing conditions and regulatory approvals.
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