Fortrea sells enabling services and patient access businesses for up to $345 mln (updated)

Fortrea Holdings

11/03/2024 11:15

(Adds details throughout)
       March 11 (Reuters) - Contract research firm Fortrea
Holdings  FTRE.O  on Monday said it will sell two of its
businesses to private equity firm Arsenal Capital Partners for
up to $345 million.
        The North Carolina-based company said it will receive
$295 million for its enabling services segment and patient
access businesses when the deal closes in the second quarter of
2024, with a further $50 million to be paid upon reaching
specific transition-related milestones.
  
        "After undertaking a strategic review of our business,
divesting Endpoint and Fortrea Patient Access aligns with the
interests of our customers," Fortrea Chairman and CEO Tom Pike
said in a statement.
  
        The endpoint clinical segment provides solutions to
biopharmaceutical and contract research customers in serving
complex and late-stage clinical trials.
  
         Fortrea's patient access business provides patient
support, product access, affordability and adherence solutions. 
  
     The company said the proposed divestiture further
streamlines Fortrea's strategic focus as a pure-play contract
research organization.

 (Reporting by Pratik Jain in Bengaluru; Editing by Anil D'Silva
and Tasim Zahid)
 ((Pratik.Jain@thomsonreuters.com;))