ICON agrees to acquire Aptiv Solutions for $143.5 million

ICON plc, (NASDAQ:ICLR), a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, today announced that it has agreed, subject to certain closing conditions, to acquire Aptiv Solutions for a cash consideration of $143.5 million. Aptiv Solutions is owned by The Halifax Group, SV Life Sciences, Comvest Partners and Management.

Headquartered in Reston Virginia, and with operations in 16 countries, Aptiv Solutions is a recognised leader in the design and execution of adaptive clinical trials for pharmaceutical and biotech customers. The company's ADDPLAN® software supports the design, simulation and analysis of adaptive trials and is used by FDA, EMA and Japan's PMDA, as well as over fifty top pharmaceutical and medical device companies and academic researchers.

Aptiv Solutions also owns Niphix, a full-service, oncology-focused CRO serving both Japanese and international customers and this will be combined with ICON's current operations in Tokyo and Osaka. In addition, Aptiv Solutions has extensive experience in the management of medical device trials, leveraging its adaptive capabilities and regulatory expertise to expedite the development of a wide range of medical devices.

Commenting on the acquisition, Dr. Nuala Murphy, President, ICON Clinical Research Services, said: "ICON's market-leading innovation is helping our customers to reduce the time and cost of drug development. We are achieving this through the combination of our industry expertise and enabling technologies such as ICONIK and Firecrest. Aptiv Solutions' adaptive trial capabilities will further differentiate and enhance our services to help our customers identify the most promising drug candidates earlier. Their presence in Japan will also broaden our existing capabilities in this market."

"ICON is the perfect fit for Aptiv Solutions" said Pat Donnelly, Chairman and Chief Executive of Aptiv Solutions. "Our unique technology and expertise in integrated design and execution of adaptive trials, our strength in medical device development and our strong position in oncology in Japan are key areas of differentiation. ICON's excellence in execution, geographic reach, and shared focus on innovation will position the combined entity as the go-to service provider for design and execution of adaptive trials for drug, diagnostic and medical device companies in a fast growing market."