Radiant Research buys Protocare divisions

Radiant Research, a US clinical trials management company, has acquiredthe clinical trials and development divisions of Protocare. With the acquisition, which adds 190 experienced investigators and 260 research-dedicated personnel, Radiant now employs nearly 1,000 site personnel and investigators conducting more than 8,000 studies across 18 therapeutic areas. Radiant, which says it is already the largest company of its kind, owns more research sites conducting clinical trials than any company in the USA.

Under the terms of the acquisition, Radiant has purchased 13 pharmaceutical research sites from Protocare. Most notably, the acquisition adds the nation's flagship research site, the Chicago Center for Clinical Research. Another addition is Protocare's Nutrition and Metabolism Research Unit specializing in the design and conduct of nutrition and preventive cardiology studies. The acquisition increases Radiant's revenues 50% and brings its capacity to more than 50 sites.

Concurrent with the acquisition, the financial details of which are not disclosed, Radiant successfully completed a $39 million financing, structured as $4 million in equity from existing investors and a new $35 million senior credit facility from CapitalSource Finance.