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ICON takes further step towards major player statu

Posted on: 04 Apr 03

Summary

The growth of outsourced clinical research for the pharmaceutical industry appears to know no bounds, the latest expansion of a pharmiweb client happened in early February when ICON, the global clinic
The growth of outsourced clinical research for the pharmaceutical industry appears to know no bounds, the latest expansion of a pharmiweb client happened in early February when ICON, the global clinical research organisation announced the acquisition of Medeval Group Ltd, a leading UK clinical pharmacology group providing Phase I and bioanalytical services to the pharmaceutical and biotechnology industries. ICON has grown steadily since it’s founding in 1990 and now comprises the main UK presence with subsidiary offices in North and South America, Europe the Middle East and the Pacific Rim. The acquisition of Medeval is potentially a huge bonus for ICON as the company, a specialist provider of Phase I clinical trials, with a strong bias toward the execution of "First-in-man" studies the company, will complement the existing ICON portfolio by facilitating growth in a new area. Medeval currently operates on revenues of around $15 million making the deal, (ICON has acquired Medeval for an initial consideration, including the repayment of debt, of approximately $15.5 million in cash, with further payments of up to $7 million payable over the next 18 months) excellent business in the short term as well. Initially, the inclusion of Medeval is expected to have no impact on earnings per share for the remainder of fiscal 2003, but the new entity is expected to be modestly accretive in fiscal 2004. The rapid growth of ICON appears to have now moved into a significantly acquisitive phase making it an excellent time to get on board. The company is operating in a sector that has seen considerable growth over the past few years and, unlike the giant pharma companies it works for, growth should continue at a promising rate for the foreseeable future, with this in mind perhaps it’s time to take a look at what ICON has to offer new employees, why not check out their current vacancies by clicking here. Or visit Sally Pegler and the team on stand 111-115 at the ICR Conference in Manchester's G-MEX centre on April 7th and 8th.

Mark Stacey

Last updated on: 27/08/2010 11:40:18

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