PHILADELPHIA, June 1 /PRNewswire-FirstCall/ -- eResearchTechnology, Inc. (ERT), (Nasdaq: ERES), a global provider of technology and services to the pharmaceutical, biotechnology, and medical device industries, announced the successful closing of the acquisition of the Research Services Division of CareFusion Corporation (CRS). CRS is a leading provider of respiratory diagnostics services and manufacturer of diagnostic devices and also offers cardiac safety and ePRO services. The combined company offers a market leading position in the very attractive clinical research market for cardiac safety services, cardiac safety consulting, respiratory services, ePRO services, and medical devices. The acquisition will serve to diversify ERT's revenue base, expand its global footprint, and increase the potential for development of new services and products in clinical research and healthcare delivery.
As previously reported, ERT paid $80.8 million in cash for CRS after giving effect to preliminary closing balance sheet adjustments. The acquisition was financed from ERT's existing cash and $23 million drawn from ERT's new $40 million revolving credit facility through Citizens Bank of Pennsylvania. The credit facility was established on May 27, 2010.
ERT plans to issue updated forward-looking financial guidance for the second half of 2010 and for the calendar year 2010 in conjunction with its release of earnings for the second quarter of 2010. ERT will discuss the acquisition and the updated financial guidance during its earnings conference call
|SOURCE eResearchTechnology, Inc.|
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