Avance Clinical Announces Major PE Investment For US Expansion At Biotech Showcase 2022
Avance Clinical, the largest premium Australian Contract Research Organisation (CRO) for international biotechs, has secured a significant investment from global private equity firm, The Riverside Company (Riverside), to support further regional and global expansion. The investment values the company in excess of $200m.
Avance Clinical is taking meetings with biotechs to discuss the benefits of conducting trials in Australia, including no IND requirement and an attractive 43.5% rebate, at Biotech Showcase 2022 via PartneringOne.
Avance Clinical is the Australian-owned CRO that provides global regulatory standard clinical research services across all phases to the local and international biopharma industry.
The company is also accredited as a gene technology CRO under the Office of the Gene Technology Regulator (OGTR) which has allowed it to expand into clinical trials for vaccines and GMO therapies.
Avance Clinical’s CEO Yvonne Lungershausen said: “With the support of Riverside and its powerful global footprint and deep healthcare experience, Avance Clinical will execute on its regional and international expansion plans organically and via acquisitions.”
“We have shown, with our high growth and industry-leading repeat business rates that our focus on gold standard technology paired with solution-orientated clinical experts is the mix our biopharma clients require in this fast-moving, competitive and high-stakes sector,” said Lungershausen.
Leading analyst firm Frost & Sullivan says the Asia-Pacific’s CRO market value, currently at $6.01 billion, is estimated to reach nearly $11.04 billion in 2026, growing at a compound annual rate of 12.2%.
Recommended AI News: YOOBIC ONE Supercharges Frontline Teams’ Productivity And Work Experience
Avance Clinical has more than 170 specialist clinical staff and has been recognised for the past two consecutive years with the prestigious Frost & Sullivan CRO Best Practices Award.
Riverside Partner Nick Speer said: “We were highly attracted to Avance’s leading management team who have secured blue-chip customers from across the globe, providing them with world-class services. Riverside brings decades of global life sciences experience, which we will leverage to further support Avance’s growth objectives, with a particular focus on North America and Asia.”
“Australia is the global destination of choice for early phase and increasingly later phase clinical trials. We intend to work with Yvonne and her team to further accelerate the growth of Avance,” said Speer.
“Global sponsors are attracted to Australia and Avance Clinical for trial quality and efficient timeframes. Study start-up can be achieved in 5-6 weeks with the right CRO, leveraging the lack of IND requirement and the R&D tax rebate. This means clients can get into the clinic up to a year earlier than anywhere else in the world, saving significant associated costs while enabling life-saving treatments to reach market sooner.”
Avance Clinical was advised by Allier Capital and Riverside by Lazard Australia.
Recommended AI News: ISG To Conduct Study On Private And Hybrid Cloud Providers
[To share your insights with us, please write to email@example.com]