MARCH 08 2016
Nordic Capital Fund VIII ("Nordic Capital") has reached a definitive agreement to become the new controlling shareholder of the US-based company eResearchTechnology, Inc. ("ERT" or the "Company"), a leading provider of high-quality patient safety and efficacy endpoint data collection solutions for use in clinical drug development. The investment in ERT further confirms Nordic Capital's position as a leader in private healthcare investments. Supported by its new owner, ERT will be well positioned to continue its development as a global market leader within innovative and differentiated patient data collection solutions.
ERT is a trusted partner to many pharmaceutical companies who rely on ERT's high-end services to ensure quality and expedience of clinical trials en route to new efficient drugs, as ERT simplifies and digitalises complex clinical trial experience and procedures. The Company has deep scientific, therapeutic and regulatory experience from over 8,500 clinical studies involving more than 2.7 million patients in 119 countries and has supported over 50% of all new FDA drug approvals in the past three years. ERT is headquartered in Philadelphia, USA and has over 1,200 employees and revenues in excess of USD 300 million.
ERT delivers a unique combination of technology, services and clinical consulting, built on a foundation of deep scientific and regulatory expertise. ERT's solutions increase the accuracy and reliability of patient data and improve widely deployed solutions in healthcare areas such as Cardiac Safety, Respiratory Solutions and electronic Clinical Outcome Assessments (eCOA). ERT has a proven track record of growth and it is Nordic Capital's ambition as its new owner to support ERT's continued development, strategic goals, future growth and further international expansion.
"Nordic Capital sees ERT as a very attractive investment opportunity in the eClinical market. It has deep insights into the clinical development process, an attractive technical platform and an outstanding competitive position. ERT is highly valued by the pharmaceutical industry as a business partner, as evidenced by its market leadership in eCOA, Cardiac Safety and Respiratory Solutions. ERT has an excellent performance track record and is well positioned for accelerated growth. Nordic Capital's ambition is to support ERT's executive management team to further develop the Company by growing in both existing and adjacent market segments,"says Jonas Agnblad, Partner, NC Advisory, advisor to the Nordic Capital Funds.
"This is an exciting next step for us. Nordic Capital has extensive experience in both healthcare and technology investments, and a successful track record in supporting management teams in developing and growing businesses.Together we will extend our leadership in eClinical solutions, and innovate better health through investments across our portfolio of capabilities to meet our customers' evolving needs. We will further invest in attracting and retaining the industry's best people, partnering for success in the dynamic regulatory environment, and enabling our customers to deliver safe and effective trials," says Jim Corrigan, president and chief executive of ERT.
"We are impressed by the investments made in the technical platform as well as management's overall development of ERT as a trusted healthcare service partner and the leading healthcare technology provider. Their leadership position in the attractive eCOA market, supported by similar strong positions in Cardiac Safety and Respiratory Solutions, provides a robust platform for future growth," says Dr. Raj Shah, Partner, NC Advisory, advisor to the Nordic Capital Funds.
The parties have agreed not to disclose the financial terms of the transaction. The investment is subject to customary approvals by the relevant authorities.
Katarina Janerud, Communications Manager
NC Advisory AB, advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
David Coman, Chief Strategy and Marketing Officer
Tel: +1 919 749 6124
ERT is a leading provider of high-quality patient data collection solutions for use in clinical drug development. ERT delivers a combination of technology, services and clinical consulting that increase the accuracy and reliability of patient data and improve the widely deployed solutions in centralized Cardiac Safety, Respiratory, and electronic Clinical Outcome Assessments (eCOA) - which includes patient-, clinician-, observer- and performance-reported outcomes - and cloud-based analytics and performance metrics. By efficiently integrating these solutions through a system built upon a scientific and regulatory foundation, ERT collects, analyzes and delivers safety and efficacy data critical to the approval, labeling and reimbursement of pharmaceutical products. For more information see www.ert.com
About Nordic Capital
Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory companies in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com