The acquisition will broaden the capabilities of Novotech's global client base and expertise. The merger will also enable the CNS CRO company to provide clinical services in the United States to biotech clients based in the Asia-Pacific region. The company's integrated labs and Phase I facilities across the Asia-Pacific region will complement its US site base and extensive network of investigators.
The acquisition is another significant step in Novotech's expansion plans. The CNS CRO company has been providing contract-based clinical services in the Asia-Pacific region for nearly 20 years. It will also take over NCGS' 300-person workforce and extensive CNS CRO client list. In addition, the company has been in business for 38 years, and its research has led to 80 products approved by the FDA.
As part of the deal, Novotech will take on the headquarters of NCGS. The company's corporate campus in Charleston, SC has undergone a major renovation, creating 80 new jobs at a cost of $10 million. The purchase will also see the company add more non-oncology CNS CRO services to its portfolio.
As a leading international CRO, CNS provides research services to the pharmaceutical, biotechnology, and medical device industries. The organization operates in over 60 countries with expertise across the entire clinical development spectrum. CNS has a history of working with specialty Pharma companies to help them target unmet medical needs. Its capabilities include clinical trials in areas including oncology, analgesia, pediatrics, and rare diseases.
As the regulatory requirements for developing new drugs become increasingly stringent, pharmaceutical companies increasingly outsource their research and development processes to CROs. Outsourcing research services enable pharmaceutical companies to focus on other aspects of the drug development process, while maintaining control over their overall budget. Outsourcing also allows drug companies to optimize internal cost structures and take advantage of CROs' capacity.
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