BETHESDA, Md. and FLEMINGTON, N.J., March 22, 2016 /PRNewswire/ -- Precision for Medicine, part of the Precision Medicine Group, announced today that it has executed a binding agreement to acquire ACT Oncology, the leading contract research organization (CRO) specializing exclusively in the field of oncology. ACT Oncology provides drug development services focused on the design and execution of clinical trials on behalf of innovative life sciences companies and not-for-profit patient organizations.
ACT Oncology is an industry leader in oncology clinical trials with unparalleled experience conducting studies across all tumor types and hematology indications. ACT Oncology's capabilities complement and significantly expand Precision's strengths in biomarker-driven, precision drug development. Precision is an innovator in biomarker research with depth and expertise in genomics, bio-informatics, assay development, specialty lab services, global specimen logistics, and companion diagnostics. Together, Precision and ACT Oncology create the first comprehensive, fully integrated precision oncology clinical development solution, combining the highest standards in clinical trial management with the most advanced biomarker capabilities and processes.
"The acquisition of ACT Oncology represents a unique opportunity to provide our clients a completely novel solution to advance oncology research," said Chad Clark, president, Precision for Medicine. "For more than 15 years, ACT Oncology has been partnering with oncology innovators to design and deliver successful trials. With our combined infrastructure and expertise, we offer a true precision medicine research organization, spring-loaded for the needs of oncology development, and a truly unique offering for clients seeking advantages from early-stage, proof-of-concept programs to global registration studies."
"We believe that Precision is the ideal home for ACT Oncology to continue its mission of serving innovators in the dynamic field of cancer drug development," said Patricia Devitt Risse, PharmD, CEO and founder of ACT Oncology. "We share a common vision about the future of drug development and a passion for serving our clients and, ultimately, the patients who our work hopes to benefit. As part of Precision, we are now able to offer our clients all of the capabilities necessary for oncology development within one integrated team."
"We have known Pat Devitt and her outstanding team for many years and recently have had the opportunity to work collaboratively together and witness the potential of the joint offering," said Mark P. Clein, CEO of the Precision Medicine Group. "We could not be more pleased about having ACT Oncology join the Precision family."
Headquartered in Flemington, N.J., ACT was founded in 2000 by Pat Devitt. The company has remained committed to developing dedicated oncology and CRO expertise and has evolved to become a premier provider of oncology studies for a diverse and global client base.
The combination of Precision and ACT Oncology accelerates Precision's goal of becoming the critical solution provider to help pharmaceutical and life sciences companies succeed in this new era of innovation in oncology. Precision for Medicine is building the first dedicated Precision Medicine Research Organization, capitalizing on opportunities driven by dramatic advances in science and technology.
The acquisition is expected to close in approximately 30 days.
About Precision for Medicine
Precision for Medicine supports life sciences companies in the use of biomarkers essential to targeting patients more precisely and effectively. Precision applies novel biomarker approaches to clinical research that take advantage of the latest advancements in science and technology focusing predominantly around genomics, immune-response assays, global specimen logistics, biomarker analytics, and companion diagnostics solutions. For more information, visit precisionformedicine.com.
About ACT Oncology
ACT Oncology is a full-service oncology specialty contract research organization with a clear and consistent focus on providing expert, flexible, and cost-effective support for cutting-edge clinical research. Founded in 2000, ACT Oncology is a leader in the application of metrics-driven project management to optimize multinational oncology drug development. For more information, visit actoncology.com.
About the Precision Medicine Group
Formed in 2012, the Precision Medicine Group is a specialized services company supporting next-generation approaches to drug development and commercialization. Precision provides an integrated infrastructure that supports pharmaceutical and life sciences companies as they develop new products in the age of precision medicine. The company is headquartered in Bethesda, Md., with offices throughout the US and Europe. For more information, visit precisionmedicinegrp.com.
SOURCE Precision for Medicine