KUALA LUMPUR, June 5 (Bernama) -- Fortrea, a global contract research organisation (CRO), has completed the divestiture of assets relating to its Enabling Services segment, namely Endpoint Clinical (Endpoint) and Fortrea Patient Access (FPA) businesses, to Arsenal Capital Partners (Arsenal), a private equity investment firm.
Arsenal has appointed Fortrea’s Enabling Services segment former president, Sam Osman, to serve as chief executive officer (CEO) of the new entities, while Raymond (Ray) H. Hill, an operating partner within Arsenal’s healthcare team, will serve as chairman of the board.
Fortrea Chairman and CEO, Tom Pike in a statement said the successful closing of this transaction is a testament to the calibre of the teams involved, who have planned a smooth transition for colleagues, customers and the patients it served.
“This transaction enables both organisations to focus their leadership and resources on delivering optimal solutions for our customers. As previously disclosed, the net proceeds from this divestiture will be used to reduce a portion of Fortrea’s overall debt structure,” he said.
Meanwhile, Osman said: “With Arsenal as our partner, I am confident that both our businesses and our teams will benefit from accelerated growth opportunities as well as investment and executive focus, resulting in enhanced capabilities and solutions for customers.”
Endpoint and FPA provide best-in-class Randomization and Trial Supply Management (RTSM) and patient access solutions respectively.
Both entities represent strategically differentiated entry points within the pharmaceutical services value chain, where Arsenal holds significant domain, scientific and technical knowledge.
-- BERNAMA
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