Water Street Invests In Global Pharmaceutical Services Company
CHICAGO, April 8, 2013 /PRNewswire/ -- Water Street Healthcare Partners, a strategic private equity firm focused exclusively on the health care industry, announced today that it has invested in CCBR-SYNARC. Comprised of two businesses that specialize in outsourced clinical services, CCBR-SYNARC expands Water Street's global presence in the pharmaceutical services sector. It also marks the health care firm's first investment from its new fund, Water Street Healthcare Partners III, L.P., which it closed last year after receiving $750 million of investor commitments in less than eight weeks.
CCBR-SYNARC is a highly specialized provider of clinical services to the world's largest pharmaceutical and biotechnology companies. The company's SYNARC business, based in Newark, Calif., specializes in imaging services, consultation and analysis to track progress throughout a clinical trial's life cycle. Its CCBR business, headquartered in Copenhagen, Denmark, recruits patients from all over the world, and conducts and manages clinical trials in its dedicated clinical centers. Together, the businesses employ more than 500 doctors, nurses and technicians who are located in 29 research centers across Asia, Europe and The Americas. They currently focus their expertise in the musculoskeletal, cardiovascular and neurological therapies.
"Water Street's team has consistently demonstrated to us a deep understanding of our businesses since it first approached us about potential ways to work together several years ago," said Dr. Claus Christiansen, founder and chairman, CCBR-SYNARC. "When we reached a point in our development in which we were ready to expand our capabilities and services, we knew Water Street was our ideal partner. Its experience in the pharmaceutical sector, business development expertise and extensive industry relationships will provide our businesses with the intellectual capital and resources to achieve long-term growth and success.
The outsourced clinical development market is projected to grow as much as 5 to 10 percent per year over the next five years. With new regulations and global protocols leading to more complex drug development processes, pharmaceutical companies are increasingly turning to specialized providers such as CCBR-SYNARC to support them with particular aspects of their clinical trials. CCBR's ability to recruit large patient populations from diverse markets and SYNARC's high quality imaging capabilities have fueled the company's growth since its founding in 1998.
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