Toronto-based Everest is a full-service CRO that specializes in complex biostatistics, programming, and clinical data management services. Jin Dai, Everest’s executive director of project management and business operations, outlined how Brightech fits into the company’s offering.
“This highly complementary partnership will further bolster Everest’s capabilities in our fast-growing foundational biometrics offerings, especially in major therapeutic areas like oncology, central nervous system, and immunology, and will help further our mission of helping develop critical and often lifesaving treatments for patients worldwide,” said Dai.
Everest framed the acquisition as a way to deepen its core capabilities and diversify its customer base. Brightech’s website lists Eli Lilly, Novartis, and Regeneron among the drug developers with which it has worked.
Since opening its doors in 2002, when early customers included ImClone Systems, now part of Lilly, and Novartis, Brightech has completed statistics and SAS programming for more than 400 studies and clinical operations for upward of 30 trials, growing into a business with more than 120 employees along the way.
Brightech works out of sites in New Jersey and Taiwan. Everest operates primarily in North America, where it has sites in Toronto and New Jersey, but also has a presence in Asia through its Shanghai unit.
The takeover is the latest in a string of deals involving biopharma service providers backed by the private equity firm Arlington Capital Partners, which made a majority investment in Everest two years ago. In recent weeks, Millstone Medical Outsourcing, another company in Arlington’s portfolio, has made two acquisitions and Everest has closed its Brightech buyout.
Everest accepted investment from Arlington to secure strategic and financial support for the expansion of its service lines and growth of its headcount. Little news emerged from Everest in the immediate aftermath of the private equity investment, but the CRO has now opened its wallet to buy Brightech.