Anyone keeping an eye on the CRO industry can see that it is being reshaped by a wave of M&A activity, especially over the last 18- to 24-months. As Karyn Korieth pointed out in a March 2012 CenterWatch Monthly article, “Living in a post-M&A world of CROs”, large-scale mergers have given mid-tier CROs the global scale needed to compete against rivals for more outsourcing opportunities. In turn, the industry has also experienced consolidation as CROs make smaller, more strategic acquisitions that can fill gaps in capabilities and strengthen service offerings.
Clinipace Worldwide just last month announced its acquisition of Paragon Biomedical, the company’s fourth in only three years. This acquisition is expected to further expand Clinipace’s therapeutic expertise, site management capabilities and global footprint – certainly aligning with current industry trends.
In Karyn’s article, she spoke with Jeff about how to stay focused and prevent disruptions when combining organizations. Jeff provided a number of best practices based on his experience:
- Bringing key employees into the integration plan development
- Not wasting time on integrating tasks that don’t drive value in the new company
- Keeping internal and external communications open
- Moving swiftly with integration plans
- Providing a clear understanding of strategies and organizational charts
- Mitigating risks during the integration process