Fortrea gains after $45 million deal for Worldwide Clinical Trials' early-stage services business
FTRE•Timing and recent stock performance
The deal is expected to close after regulatory and licensing approvals.
As of the last close, the stock was up about 3% year to date.
Strategic rationale for both companies
Fortrea said the acquisition adds in-house bioanalytical capabilities and expands its North American early-stage clinical research capacity.
Worldwide said the transaction will allow it to focus investments on its rapidly growing later-stage business in oncology, neuroscience, internal medicine and rare diseases.
Fortrea to acquire Worldwide Clinical Trials' early-phase services division
Shares of contract research organization Fortrea FTRE.O rose 1.2% to $17.94 in premarket trading after the company said it will acquire Worldwide Clinical Trials' Early Phase Services division in an all-cash transaction valued at about $45 million.
The business includes a 200-bed clinical pharmacology unit in San Antonio, a bioanalytical laboratory in Austin and a biospecimen storage facility in Texas.
