(Reuters) – Contract research firm Fortrea Holdings on Monday said it will sell two of its businesses to private equity firm Arsenal Capital Partners for up to $345 million.
The North Carolina-based company said it will receive $295 million for its enabling services segment and patient access businesses when the deal closes in the second quarter of 2024, with a further $50 million to be paid upon reaching specific transition-related milestones.
“After undertaking a strategic review of our business, divesting Endpoint and Fortrea Patient Access aligns with the interests of our customers,” Fortrea Chairman and CEO Tom Pike said in a statement.
The endpoint clinical segment provides solutions to biopharmaceutical and contract research customers in serving complex and late-stage clinical trials.
Fortrea’s patient access business provides patient support, product access, affordability and adherence solutions.
The company said the proposed divestiture further streamlines Fortrea’s strategic focus as a pure-play contract research organization.
(Reporting by Pratik Jain in Bengaluru; Editing by Anil D’Silva and Tasim Zahid)
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