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Ireland – Icon buys Cross Country Healthcare units in €38m deal

05 February 2013

Dublin-based clinical trials company Icon has bought business units owned by US healthcare company Cross Country Healthcare Inc. (NASD: CCRN) in a deal worth $52 million (€38 million). The acquisition was announced on Monday.

Icon provides clinical trials to the pharmaceutical and medical device industries. The firm will pay $52 million in cash for the clinical trial services business of Cross Country Healthcare.

Cross Country Healthcare provides contract staffing to healthcare companies through its ClinForce and Assent Consulting operations. These will become part of Icon’s contract staff business, Docs. Icon will also take over Akos, which provides drug safety services. Cross Country will receive up to $3.75 million in earn-out payments.

“The demand for flexible resourcing solutions continues to grow as biopharma companies employ a range of outsourcing models to meet their development goals more efficiently,” said Icon chief executive, Ciaran Murray.

The deal is expected to close within the next 30 days. 

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