Transaction reinforces Deloitte's leading position in the life sciences
NEW YORK, June 16 /PRNewswire/ -- Deloitte has announced today an agreement to acquire Recombinant Capital, Inc. (Recap), a leading life sciences subscription database and advisory services firm. Included in the acquisition is Recap's unique database that provides more than 1,500 subscribers with access to over 20 years of historical data used to track significant publicly available information in the life sciences industry, ranging from alliance formations to intellectual property ownership and clinical trials data.
Deloitte's life sciences consulting practice was ranked number one by Kennedy Information in 2007 in terms of revenue and market share. Deloitte will further reinforce its market leadership position with the acquisition of Recap. The transaction also extends Deloitte's portfolio of services to include subscription database services, further complementing the consulting, financial advisory, tax, audit and enterprise risk services currently offered to life sciences clients. The addition of Recap's services will enhance Deloitte's litigation support, M&A, licensing and valuation capabilities.
"New business models are emerging that require life sciences companies to consider new strategies for growth, including forging alliances, entering emerging markets, executing mergers and acquisitions and developing new types of drugs," said Terry Hisey, vice chairman and US industry leader for Deloitte LLP's Life Sciences industry group. "With the addition of Recombinant Capital, Deloitte will be uniquely positioned to provide clients with unparalleled access to information and analyses critical to management in their development of future growth plans."
"The choice to integrate Recombinant Capital and Deloitte merges Recap's unique strategic data with Deloitte's scale, scope of services and client base, creating a powerful combination," said Mark Edwards, founder and managing director of Recombinant Capital. "Our clients will benefit from Deloitte's proven industry track record, and our people will benefit from the opportunity to continue to develop their careers with one of the world's leading professional services firms."
Recap's customers include approximately 90 percent of the top-tier biotech and pharmaceutical companies by market capitalization. The company also serves as a supplier of data to organizations, including venture capital firms, major law firms, universities and medical centers.
The acquisition is expected to be completed within the next month. Financial terms of the transaction have not been disclosed.
As used in this document, "Deloitte" means one or more subsidiaries of Deloitte LLP. Please see http://www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
About Recombinant Capital
Recombinant Capital (Recap) is a San Francisco Bay Area-based
subscription database and advisory services firm. Recap's mission is to
ensure availability of adequate resources for biotechnology enterprises by
providing comprehensive and timely advice and analysis related to the
environment for corporate and product development and alliance formation.
Recap's clients include biotechnology and pharmaceutical companies, plus
several universities, investment banking and venture firms active in the
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