LONDON, Oct. 9 /PRNewswire/ -- Private investment firm Czura Thornton today announced it has signed an agreement to acquire the global central laboratory ('GCL') operations of MDS Pharma Services, a business unit of MDS Inc (NYSE: MDZ; TSX: MDS).
GCL, to announce a new brand shortly, provides a comprehensive range of late-stage laboratory and electrocardiogram services supporting clinical trials globally. The business' proprietary leading edge Apollo CLPM(TM) (Central Lab Protocol Management) system offers clients real-time access to study data from around the world. GCL employs 600 people at accredited facilities in Beijing, Hamburg, North Brunswick (New Jersey), Paris, Singapore and Toronto.
In a joint statement, Czura Thornton's founders Tony Czura and Nick Thornton said: "We are delighted to be acquiring MDS's global central laboratory platform and the deep expertise of the people there. Combined with our focus on the consistent delivery of high quality service and the flexibility and responsiveness that private ownership allows, we look forward to seeing renewed strength and growth in the business." They added that, "While we see excellent opportunities for collaboration with Chiltern, a leading CRO also owned by Czura Thornton, the two entities will operate independently."
The transaction is expected to close in the fourth quarter of 2009 and is subject to customary approvals and closing conditions. In addition, the sale of the Central Labs operations in France and Germany is subject to review and consultation with the applicable Works Councils in accordance with labor laws in those countries.
"We are pleased that the agreement with Czura Thornton creates opportunities to build the Central Labs business, which includes world-class facilities and highly skilled people focused on delivering superior client service," said Stephen P. DeFalco, President and Chief Executive Officer of MDS Inc.
About Czura Thornton: Czura Thornton is a private investment group that was founded by Tony Czura and Nick Thornton in 2003. The group, which owns leading CRO Chiltern (www.chiltern.com), has interests in the life sciences, international trade, property and automotive sectors. In particular Messrs Czura and Thornton have extensive international experience in the laboratory and CRO sectors. For further information see www.czurathornton.com.
Contact: Zareena Chattoo; +44 1753 216 611 (U.K.)
SOURCE Czura Thornton
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