European firm to acquire Cincinnati’s Medpace
March 17, 2014 by Sarah
Medpace, Inc., a Cincinnati company that performs clinical trials on behalf of companies all over the world who want to bring new medical devices and drugs to market, is slated to be acquired by a European company.
Cinven, which is based in London, will acquire a majority stake in Medpace, but Dr. August Troendle, Medpace’s founder and CEO, will remain at the helm, according to an article on BizJournals.com.
Medpace is located in the Madisonville area, and operates in more than 45 countries, employing approximately 1,500 people. Approximately 40% of those who work in clinical operations are located in Europe. Troendle also notes that Medpace has experienced substantial growth in Europe recently, so having a European partner with a strong presence in that area makes sense.
Troendle declared that Medpace is committed to finding the most cost-effective and streamlined method of winning drug approval, and expressed confidence that Cinven’s investment, which comes to $915m, will allow Medpace to continue using its expertise to run clinical trials efficiently and effectively.
Medpace, which has sales of approximately $178m annually, is noted for its work in therapeutic areas as well as in medical devices. The company enjoys a strong market presence and an experienced team of management professionals, and believes the assistance of Cinven will boost its European earnings and enable the company to move into Asia.
Company officials may need to have new stationery created once Cinven joins Medpace, and could work with stationery printers on this project.