SFBC acquires Anapharm

SFBC International, a USA-based contract research organization, saysthat it has completed the acquisition of Canada's Anapharm, thus becoming the largest independent Phase I/II CRO in North America. Under the terms of the deal, SFBC paid $26.7 million in cash and $2.9 million in common stock

Anapharm, based in Quebec City, has three state-of-the-art facilities, totaling more than 80,000 square feet, a database register of 40,000 volunteers and clients in more than 20 countries. Revenues for the year ended April 30, 2001, were approximately $20 million and net income was $2.4 million.

Lisa Krinsky, SFBC's president, stated that Anapharm will be the firm's third acquisition since going public about 18 months ago and the deal is consistent with its strategy of "finding companies that strategically fit our business, generate sufficient earnings to be immediately significantly accretive and whose management team stays on with us."