GHO Capital to acquire Velocity Clinical Research from NaviMed
Global Healthcare Opportunities (GHO Capital) has signed an agreement to acquire US integrated clinical trial site organisation Velocity Clinical Research from NaviMed Capital and other investors.
The acquisition of Velocity signals the next stage of the changing clinical trial site landscape.
With GHO support, Velocity will be able to continue to operate in the highly fragmented US market, acquiring more sites and working with hospitals and established healthcare facilities, where possible.
The company will explore the chances of expanding its integrated site model across the globe, while increasing investment in technology to further develop its offering for decentralised trials.
Velocity Clinical Research chief executive and president Dr Paul Evans said: “Today’s announcement signals the future for the clinical trials industry.
“Velocity’s model was put to the test last year during the race to find a Covid vaccine, demonstrating that our integrated approach to running clinical sites is head and shoulders above others.”
“The business of owning clinical trial sites is changing and it’s difficult for other companies to scale in this space.”
Velocity, which operates 16 fully-owned sites across 11 states in the US, serves biopharmaceutical and contract research organisation clients in carrying out Phase II and III clinical trials in support of their global drug development programmes.
The companies did not disclose the financial details of the agreement.
The sale is subject to regulatory approval and will conclude in the second quarter of this year.
NaviMed managing director and co-founder Dr Bijan Salehizadeh said: “Velocity was one of the early companies in our inaugural fund.
“With NaviMed’s backing and driven by a world-class management team, we are delighted to see how quickly Velocity’s business has grown to serve clients and patients across the US.”