Business Irish

Saturday 23 August 2014

Icon buys $56m Cross Country unit

John Mulligan

Published 05/02/2013 | 04:00

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IRISH clinical services group Icon has agreed to pay up to $56m (€41.3m) to buy a unit of Nasdaq-listed Cross Country Healthcare.

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Icon said it is paying an upfront cash consideration of $52m for the clinical trials division, and will pay up to an additional $3.75m based on certain targets being reached.

Cross Country Heathcare's clinical trial services division includes recruitment services firms Clinforce and Assent Consulting. Those companies provide contract staffing, permanent place and functional service provision.

The purchase also includes the AKOS business, a provider of drug safety services and pharmacovigilance – effectively the continual monitoring of drugs' performances once they have been released for use in the market.

Icon chief executive Ciaran Murray said the acquisition would expand the company's footprint in the United States and Europe and enhance the solutions it can offer clients.

Icon employs just over 9,400 people around the world. Its global headquarters in Dublin and an office in Limerick employ 830.

The company last year delisted from the Irish stock exchange to become a fully-fledged member of the Nasdaq. It had listed in Dublin in 1999.

Irish Independent

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