ClinTrials, the world's fifth largest clinical research organization, is growing at twice the industry average. It had $58 million in revenue last year, according to Investors Business Daily.
A key player in a consolidating industry, it is poised to grow through acquisition, according to analysts. The company has just bought the preclinical testing firm Bio-Research Laboratories for $65 million in cash and the assumption of debt; the Canadian company adds toxicology studies to ClinTrial's offerings, IBD notes. While James Patricelli of Adams Harkness & Hill is not sure that CROs need to be in the preclinical area to be successful, he feels the purchase was a reasonable one and that Bio-Research is "one of the best firms in the business."
ClinTrials is also looking to expand abroad, noted company president William O'Neil, who noted that in four years, its worldwide market share has grown to 3% from 1.4%. Still, with 100 overseas employees and only 13% of its revenues coming from this area, it is way behind Quintiles Transnational, which has 1,000 employees overseas and does half of its business abroad.
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