Nautic Partners has completed the sale of Theorem Clinical Research, to Chiltern International. The terms of the transaction have not been disclosed.
Theorem is a full-service global contract research organisation (CRO) that conducts early phase, Phase II/III and late phase clinical trials for leading pharmaceutical, biotech and medical device and diagnostic customers. Theorem also provides functional services that support clinical trials, with a particular focus on data management and biostatistics services. The company operates from a global footprint with more than 1,500 employees in more than 30 countries across North America, Asia-Pacific, Europe and Latin America.
“We are very fortunate to have partnered with the outstanding management team at Theorem,” says Chris Crosby (pictured), managing director of Nautic. “During our ownership period, the company grew its revenue by approximately 18 per cent per annum by successfully repositioning itself with a greater focus on small- and medium-sized pharma and biopharma companies. This portion of the market is underserved by the larger CROs, and Theorem’s focus on this segment helped drive the company’s expansion over this time period. The strong revenue growth paired with the management team’s strong operational improvements also drove substantial increases in profitability during our ownership period.”
“Speaking on behalf of the senior management team, we greatly enjoyed our time working with Nautic,” says John Potthoff, chief executive officer and president of Theorem. “Nautic’s strategic guidance and disciplined approach allowed us to establish our leadership position in our target market niche. This is an excellent outcome for Theorem’s shareholders, customers and employees. We look forward to continuing our strong growth trajectory in partnership with Chiltern and executing upon the numerous strategic opportunities presented by combining our two great companies.”
