Kohlberg Acquires Majority Stake in Worldwide Clinical Trials: A New Era of Growth Begins

Worldwide Clinical Trials, a global contract research organization (CRO), is set to embark on a new era of growth and innovation. Kohlberg, a leading private equity firm, has signed a definitive agreement to acquire a majority stake in Worldwide Clinical Trials. This partnership brings together two powerhouses in the healthcare industry, with the aim of advancing the development of life-changing medications and treatments for patients worldwide.

Headquartered in Research Triangle Park, N.C., Worldwide Clinical Trials collaborates with biotechnology and pharmaceutical companies to create tailored solutions that accelerate the journey from drug discovery to reality. Their comprehensive capabilities include bioanalytical laboratory services, Phase I-IV clinical trials, and post-approval and real-world evidence studies. With a team of over 3,200 professionals across nearly 60 countries, Worldwide Clinical Trials is at the forefront of therapeutic advancements in cardiovascular, metabolic, neuroscience, oncology, and rare diseases.

The strategic partnership with Kohlberg marks an important milestone for Worldwide Clinical Trials. Kohlberg, with its 35 years of experience and expertise in the healthcare industry, brings a wealth of resources and knowledge to the table. With the transaction expected to close in the fourth quarter of 2023, subject to regulatory approvals and customary closing conditions, Worldwide Clinical Trials is poised for even greater success and expansion.

Peter Benton, President and Co-CEO of Worldwide Clinical Trials, expressed enthusiasm for the partnership, stating, "Our team members and their trusted customer relationships are the driving force behind our success. We are thrilled to team up with Kohlberg, who brings us considerable depth of experience across the full continuum of outsourced pharma services. I look forward to the next phase of our growth journey and continuing to help our customers bring new life-changing medications and treatments to patients around the world."

Matt Jennings, Operating Partner of Kohlberg, will assume the role of Chairman of Worldwide's Board of Directors upon the completion of the transaction. Jennings expressed confidence in the future of Worldwide Clinical Trials, citing the company's rigorous scientific approach and exceptional track record in executing successful clinical trials. This strategic partnership aims to accelerate the growth of Worldwide Clinical Trials, leveraging Kohlberg's capital base and resources.

Chris Anderson, Partner at Kohlberg, emphasized the alignment between Worldwide Clinical Trials' business and the investment themes that Kohlberg has successfully pursued in the Pharmaceutical & Medical Products & Services industry. Anderson stated, "Worldwide's business aligns with the themes we have successfully invested behind, and we look forward to supporting Peter and the Worldwide team to achieve their growth goals."

The partnership between Kohlberg and Worldwide Clinical Trials builds upon the solid foundation laid by TJC, the current affiliate company of Worldwide. TJC will retain a meaningful minority equity stake in Worldwide after the sale to Kohlberg. Dave Butler, Partner at TJC, commended Worldwide's unwavering commitment to being a true drug development partner driven by medicine and science. Butler expressed pride in supporting Worldwide's continued success through their investment.

The agreement between Kohlberg and Worldwide Clinical Trials represents a strategic move that will not only contribute to the growth of both companies but also advance the overall healthcare industry. By combining their expertise, resources, and shared vision, Kohlberg and Worldwide Clinical Trials are set to revolutionize the development of new medications and treatments and improve the lives of patients worldwide.

Note: This article is for informational purposes only and is not intended as financial or investment advice.