CTI Clinical Trial and Consulting Services (CTI) announced its acquisition of Eurotrials earlier this week.
Timothy J. Schroeder, CTI Founder and CEO told us that the company has worked with Eurotrials in the past, using its services in geographies where it did not have a presence.
“We found them to be culturally very similar to us,” he said, explaining that the move was an opportunity “to increase collaboration all the way to an acquisition.”
Driven by Eurotrials’ people, location, and service offerings, the deal marks CTI’s fourth acquisition, as the company has primarily grown organically, said Schroeder.
“They give us reach into six continents that we currently do not have reach into,” he explained. “In the rare disease world, patients can come from anywhere.”
Nearly 80% of CTI’s work is in rare disease and as a privately owned, full-service CRO, Schroeder said the company has a strong place in the market – and after 19 years, its founders are still in place.
“On the Eurotrials’ side, their principal investigator has been involved for 22 years,” he added.
Over the past couple weeks, CTI has visited Eurotrials’ employees at their offices in Europe and Latin America. The companies have formed an integration committee made up of an equal number of individuals from each organization representing each specialty unit. The groups will move forward “in a really thoughtful manner” not driven by speed, Schroeder said.
“We don’t want to lose any of our employees on either side or any of our clients,” he explained, adding that the process may take as long as a year.
As a unified company, CTI and Eurotrials span more than 30 countries across six continents.
Terms of the acquisition were not disclosed.