"We are evolving to meet the needs of our clients. This expansion, combined with our existing infrastructure, puts us on the forefront of providing comprehensive discovery and preclinical services from Intellectual Property to Investigational New Drugs to the biopharmaceutical industry," said Ian Lennox, Chairman and Chief Executive Officer, Ricerca Biosciences.
The Early Stage Development operations, which consist of Phase I clinics and bioanalytical labs, and the Company's Development and Regulatory Services consultancy, will be sold to a new corporation primarily owned by Bain Capital Ventures and SV Life Sciences, two leading private investment firms with established holdings in life sciences, including Ricerca. Bain Capital Ventures and SV Life Sciences both have long and successful track records of building market-leading companies in healthcare and the life sciences sector.
"We believe that the new corporation's combination of talented people, scientific excellence, and world-class facilities provides a strong foundation for future growth of the business, and we look forward to continuing to provide our clients with leading early-stage clinical development services," said Susan Thornton, Ph.D., Chief Executive Officer of the new corporation.
Exclusions from the Transactions
The divestiture of the MDS Pharma Services Early Stage business does not include the Early Stage Development facility in Montreal, Canada, which will be closed. The decommissioning, through which approximately 225 jobs will be eliminated, will take place in stages over the next 12 months and is expected to be completed
|SOURCE MDS Inc.|
Copyright©2010 PR Newswire.
All rights reserved