Hong Kong's Tigermed Pays $50.25 Million Cash For Control Of Frontage Laboratories
Published: May 07, 2014
Tigermed and Frontage Laboratories Announce Strategic Investment to Strengthen Global Drug Development Service Capabilities
EXTON, Pa.--(BUSINESS WIRE)--Hangzhou Tigermed Consulting Co., Ltd. (hereafter ‘Tigermed’), a leading provider of outsourced clinical development services across China and Asia Pacific to the pharmaceutical and medical device industries, today announced through its fully-owned subsidiary Hong Kong Tigermed, Ltd, that it has entered a definitive agreement, subject to certain closing conditions and regulatory approval, to acquire a majority position in the ownership of Frontage Laboratories, Inc. (hereafter ‘Frontage’) for a cash payment of $50.25 million.
Headquartered in Exton, PA, Frontage is a recognized leader in bioanalysis, preclinical and early phase clinical studies, drug development (CMC) services and DMPK support for biopharmaceutical organizations. The company offers a broad range of services from discovery through late-stage clinical trials for novel, generic, and consumer product development programs. Frontage also owns Frontage Lab (Shanghai) Co, Ltd.
Frontage will continue to operate independently. Dr. Song Li will continue to serve as CEO, and its current management team will remain in place after the transaction.
Commenting on this transaction, Dr. Xiaoping Ye, Founder and CEO of Tigermed, “Tigermed is continuing to develop our capabilities in order to enhance our development solution offerings and help our customers reduce the time and cost of product development. We are achieving this goal through a strategic combination of our clinical development expertise and well-recognized technology service providers like Frontage. Frontage’s capabilities in preclinical and early clinical development will help further differentiate and enhance Tigermed services as a comprehensive development service partner by helping our customers advance their product development programs more efficiently.”
“Tigermed is the ideal fit for Frontage,” said Dr. Song Li, Founder and Chief Executive Officer of Frontage Laboratories. “Frontage’s specialties in early phase development and CMC services are wholly complementary to Tigermed’s strengths in late phase clinical development in China and other Asia Pacific countries. The two companies’ track records in trial execution, combined geographic reach, and shared vision on quality delivery will position our combination as a global one-stop source for clinical development activities. This partnership enables Frontage to offer its existing clients a more comprehensive solution for clinical trial support, from Phases I through IV. In turn, Tigermed’s clients will now have better access to early phase development solutions to facilitate efficient development programs.”
This press release contains forward-looking statements. These statements are based on management's current expectations and information currently available, including current economic and industry conditions. These statements are not guarantees of future performance or actual results, and actual results, developments and business decisions may differ from those stated in this press release. The forward-looking statements are subject to future events, risks, uncertainties and other factors that could cause actual results to differ materially from those projected in the statements, including, but not limited to, the ability to enter into new contracts, maintain client relationships, manage the opening of new offices and offering of new services, the integration of new business mergers and acquisitions, as well as economic and global market conditions and other risks and uncertainties detailed from time to time in security regulatory reports filed by Tigermed, all of which are difficult to predict and some of which are beyond our control. For these reasons, you should not place undue reliance on these forward-looking statements when making investment decisions. The word "expected" and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only as of the date they are made and we do not undertake any obligation to update publicly any forward-looking statement, either as a result of new information, future events or otherwise.
Hangzhou Tigermed Consulting Co., Ltd. (stock symbol: 300347) is a leading Contract Research Organization (CRO) in China dedicated to provide professional full clinical trial services to the pharmaceutical and medical device industries. Tigermed currently has approximately 1,000 employees, operating from over 50 locations in China and Asia Pacific.
Further information is available at www.tigermed.net
Frontage helps biopharmaceutical organizations advance their research and development efforts with full service offerings– including bioanalysis, preclinical and clinical studies, analytical testing and product development support– spanning discovery stages through late-stage clinical trials. The company also provides turnkey product development, bioequivalence and analytical services to generic and consumer health pharmaceutical companies to support abbreviated NDA and 505.b.2 application submissions.
For more information, visit www.frontagelab.com.
Frontage Laboratories, Inc.
Katherine Cloninger, 919-741-4771
Tigermed Consulting Ltd.
Wen Chen, +86-21-32503700
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