Advent International has agreed to acquire a majority stake in New Zealand Clinical Research Group, a clinical trials and medical research company operating in New Zealand and Australia, as the private equity firm expands its healthcare services portfolio in the region.
NZCR’s physician shareholders and management, as well as existing investor Waterman Capital, will retain a significant minority stake in the company, Advent said in a statement on Thursday. The transaction is expected to close in the fourth quarter, subject to regulatory approvals.
NZCR has more than 35 years of experience conducting early- and late-stage clinical trials and operates a network of research sites under the NZCR, CMAX, Optimal and Fusion brands. The group works with pharmaceutical and biotechnology companies as well as contract research organisations on drug development programmes.
Advent will work with CEO Tony Moffatt and the existing management team to expand the company’s clinical trial capabilities, strengthen relationships with pharmaceutical sponsors and contract research organisations, and broaden its international reach, the firm said.
“Advent’s global scale and deep experience in pharma services will help us grow in ways that weren’t possible before,” Moffatt said.
The deal adds to Advent’s healthcare investments globally. The firm has made more than 55 healthcare investments across 17 countries over the past three decades and invested more than $4 billion in nine pharma services companies over the past 10 years, it said.
Recent investments include India-based drug services provider Cohance; US sterile-injectables CDMO Simtra; and Felix Pharma, a developer and manufacturer of medicines for companion animals.
