Chiltern Announces The Consolidation Of Existing Investor Base

LONDON and WILMINGTON, N.C., Dec. 17, 2013 /PRNewswire/ -- Chiltern International Limited ("Chiltern" or "the Company"), a global contract research organization (CRO), announces the consolidation of the ownership of existing investors, led by interests associated with Sir Douglas Myers. This consolidated investor base enables Chiltern to continue to deliver on its strategic plan for growth while maintaining its focus on the delivery of high quality, innovative clinical trial services and therapeutic expertise.

The new ownership structure offers greater access to new investment to further the development of Chiltern. It will provide Chiltern with the means to expand further and develop within key target markets, both organically and through investment in people, technology and client relationships, as well as external opportunities to optimize Chiltern's mid-tier leadership position through carefully targeted acquisitions.

Demand for Chiltern's services is at an all-time high: the Company announced a record financial performance in the year ended March 2013, with top line growth of 16.8% to £104m, taking the five year revenue CAGR to 15.3% for 2008-2013. The new investment will allow Chiltern to maintain this substantial growth and to continue to drive the Company forward.

The global CRO market is expected to show continued growth as the pharmaceutical industry responds to significant sector challenges. These include the growing pressure to increase R&D productivity, the rising cost and complexity of clinical trials, increasing regulatory hurdles, and a desire to shift fixed to variable cost. These industry drivers represent a significant opportunity for Chiltern.

Nick Thornton, Chairman of Chiltern, said: "This new investment is a significant milestone in Chiltern's history. For over 30 years, Chiltern's success has been underpinned by a tradition of ownership led by private investment. We have continued to grow our market share as our customers have increasingly sought mid-tier global CROs with the ability to deliver better value and a comprehensive range of high quality services."

Jim Esinhart, CEO of Chiltern, said: "This investment will allow us to continue to invest in organic growth and explore external acquisition opportunities. I am excited to be leading Chiltern to the next phase of growth. Our mission has not changed – we are committed and will continue to deliver expert, high quality, clinical development services around the world whilst building trustworthy and lasting relationships, understanding each customer's specific needs and, overall, improving the quality of life."

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About Chiltern:
Established in 1982, Chiltern is a leading global clinical CRO with extensive experience in the management of Phase I-IV clinical trials across a broad range of therapeutic areas, functional service provision and contract staffing solutions. Chiltern has conducted trials in more than 40 countries, employs more than 1,600 people globally and offers services in Early Phase, Global Clinical Development, Late Phase, Biometrics, Medical and Regulatory Affairs and Resourcing Solutions. Chiltern prides itself as a development partner that offers flexibility, responsiveness and quality delivery. For further information: www.chiltern.com.

SOURCE Chiltern