Bioclinica’s Merger with ERT

Kirkland & Ellis advised international private equity firm Cinven and its portfolio company Bioclinica on the deal, while Latham & Watkins LLP represented the consortium consisting of Astorg Asset Management, Nordic Capital, Novo Holdings and their portfolio company ERT.

International private equity firm Cinven has agreed to merge Bioclinica, a leading integrated solutions provider of clinical life science and technology expertise, with ERT, a global leader in clinical end-point data solutions. As part of the transaction, Cinven will become a significant minority shareholder of ERT working in partnership with Nordic Capital, Astorg and Novo Holdings A/S. Financial terms of the transaction are not disclosed.

The combination of Bioclinica and ERT will create a leading independent provider of data and technology for use in clinical trials globally. The combined organisation will be involved in approximately 4,000 clinical trials each year, serving the world’s major pharma and biotech companies and working in partnership with the major global CROs.

Established in 1990, Bioclinica supports the development of new medications globally through its medical expertise, service experience and technology platform that improve the efficiency of clinical trials. Headquartered in the US, Bioclinica employs c. 2,600 people globally, with operations across the US, Europe and Asia.

ERT is a global data and technology company that minimizes uncertainty and risk in clinical trials so that its customers can move ahead with confidence. With nearly 50 years of clinical and therapeutic experience, ERT balances knowledge of what works with a vision for what’s next, so it can adapt without compromising standards.

Jefferies LLC served as lead financial advisor to Bioclinica and Rothschild & Co served as co- advisor.

The Kirkland team was led by transactional partner Laura Sullivan (Picture), and included transactional partner Sean Rodgers and associates Brooke Coghlan, Amanda Gottlieb and Alan Heisman, tax partners Sara Zablotney and Vivek Ratnam, debt finance partner Jud Oswald and antitrust partners Matt Reilly and Mike DeRita and associate Sam Morelli.

Latham & Watkins LLP represented the consortium with a corporate team led by New York partner David Beller, London/Paris partner Thomas Forschbach, and Houston partner Lauren Anderson, with associates Sašo Kraner, Karen Song, Trevor Kim, Samantha Seley, Michael Basist, and Daisy Clifton-Lee. Advice was also provided on tax matters by partner New York partner Matthew Dewitz, with associate Shruti Hazra; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with associates Nikhil Kumar and Victoria Wolfe; on labor matters by Chicago counsel Nineveh Alkhas, with associate Laura Waller; on finance matters by New York partner Scott Ollivierre; on antitrust matters by Washington, D.C. partners Mandy Reeves and Jason Cruise and counsels Tomas Nilsson, Jana Dammann de Chapto, and Jason Daniels, with associate Niklas Brüggemann; on healthcare regulatory matters by Hamburg partner Christoph Engeler and Los Angeles counsel Jennifer Yoo, with associates Alyssa Lattner and Jaschar Mirkhani; on FDA regulatory matters by Washington, D.C. partner Elizabeth Richards, with associates Barrett Tenbarge and Julie Shin; on intellectual property matters by New York partner Steven Betensky and New York counsel Carrie Girgenti, with associate Max Miroff; on data privacy and security matters by London partner Gail Crawford and Bay Area counsel Robert Blamires, with associates Jimmy Smith, Oliver Mobasser, and Victoria Wan; on real estate matters by New York counsel Shira Bressler, with associate Michael Nieberg; on EHS and ESG matters by London partner Paul Davies and counsels David Langer and Michael Green; on anti-corruption matters by Washington, D.C. counsel Timothy McCarten and London counsel Daniel Smith, with associate Cassie Martin; on trade controls matters by Washington, D.C. partner Les Carnegie and Washington, D.C. counsel Rachel Alpert, with associate Julie Shin; on insurance matters by Los Angeles partner Drew Levin, with associate Harrison White; on certain German law matters by Munich partners Sebastian Pauls and Tobias Leder, Frankfurt partner Susan Kempe-Mueller and Hamburg partner Otto von Gruben and Frankfurt counsel Joachim Grittmann, with associates Andreas Holzgreve, Kristina Steckermeier, Pia Sophie Sösemann, Jana Maue, Alexander Wilhelm, and Tarik Arabi; on certain UK law matters by London partner Catherine Drinnan and London counsel Michael Beanland, with associates Alex McCarney, Suneel Basson-Bhatoa, and Nick Fisher; and on certain French law matters by Paris partner Matthias Rubner.

Involved fees earner: Brooke Louise Coghlan – Kirkland & Ellis; Michael DeRita – Kirkland & Ellis; Amanda Gottlieb – Kirkland & Ellis; Alan Heisman – Kirkland & Ellis; Samantha Morelli – Kirkland & Ellis; Judson Oswald – Kirkland & Ellis; Vivek Ratnam – Kirkland & Ellis; Matthew Reilly – Kirkland & Ellis; Sean Rodgers – Kirkland & Ellis; Laura Sullivan – Kirkland & Ellis; Sara Zablotney – Kirkland & Ellis; Nineveh Alkhas – Latham & Watkins; Rachel Alpert – Latham & Watkins; Lauren Anderson – Latham & Watkins; Tarik Arabi – Latham & Watkins; Suneel Basson-Bhatoa – Latham & Watkins; Michael Beanland – Latham & Watkins; David Beller – Latham & Watkins; Steven Betensky – Latham & Watkins; Robert Blamires – Latham & Watkins; Shira Bressler – Latham & Watkins; Niklas Brüggemann – Latham & Watkins; Les Carnegie – Latham & Watkins; Julie Choi Shin – Latham & Watkins; Gail Crawford – Latham & Watkins; Jason Cruise – Latham & Watkins; Jana Dammann de Chapto – Latham & Watkins; Jason Daniels – Latham & Watkins; Paul Davies – Latham & Watkins; Matthew Dewitz – Latham & Watkins; Catherine Drinnan – Latham & Watkins; Christoph Engeler – Latham & Watkins; Nick Fisher – Latham & Watkins; Thomas Forschbach – Latham & Watkins; Carrie Girgenti – Latham & Watkins; Michael Green – Latham & Watkins; Joachim Grittmann – Latham & Watkins; Shruti Hazra – Latham & Watkins; Andreas Holzgreve – Latham & Watkins; Susan Kempe-Mueller – Latham & Watkins; Adam Kestenbaum – Latham & Watkins; Trevor Kim – Latham & Watkins; Saso Kraner – Latham & Watkins; Nikhil Kumar – Latham & Watkins; David Langer – Latham & Watkins; Tobias Leder – Latham & Watkins; Drew Levin – Latham & Watkins; Cassandra Martin – Latham & Watkins; Jana Maue – Latham & Watkins; Alex McCarney – Latham & Watkins; Timothy McCarten – Latham & Watkins; Jaschar Mirkhani – Latham & Watkins; Max Miroff – Latham & Watkins; Oliver Mobasser – Latham & Watkins; Michael Nieberg – Latham & Watkins; Tomas Nilsson – Latham & Watkins; Scott Ollivierre – Latham & Watkins; Sebastian Pauls – Latham & Watkins; Amanda Reeves – Latham & Watkins; Elizabeth Richards – Latham & Watkins; Matthias Rubner – Latham & Watkins; Samantha Seley – Latham & Watkins; James Smith – Latham & Watkins; Daniel Smith – Latham & Watkins; Karen Jinmeng Song – Latham & Watkins; Pia Sophie Sösemann – Latham & Watkins; Kristina Steckermeier – Latham & Watkins; Barrett Tenbarge – Latham & Watkins; Otto von Gruben – Latham & Watkins; Victoria Wan – Latham & Watkins; Harrison White – Latham & Watkins; Alexander Wilhelm – Latham & Watkins; Victoria Wolfe – Latham & Watkins; Jennifer Yoo – Latham & Watkins;

Law Firms: Kirkland & Ellis; Latham & Watkins;

Clients: Astorg Partners; Bioclinica; Cinven; eResearchTechnologies; Nordic Capital Limited; Novo Holdings A/S;

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Author: Ambrogio Visconti