ICON Acquires Symphony Clinical Research to Expand Global Clinical Trial Capabilities

On October 28, 2019, VCBeat (WeChat ID: vcbeat) learned via Business Wire that ICON, a contract research organization for new drug development, announced the acquisition of Symphony Clinical Research (“Symphony”). No financial terms of the acquisition were disclosed.

It is reported that this acquisition has further strengthened ICON’s operational capabilities, reduced the trial burden on volunteers, and enhanced ICON’s network of PMG Research and MeDiNova Research sites in the United States and the European Union.

Symphony Clinical Research, established in 2003 and headquartered in Illinois, USA, with an office in Poland, Europe, is a leading clinical trial service provider. Since its inception, the company has provided clinical trial services to biopharmaceutical companies in more than 50 countries worldwide, covering multiple therapeutic areas including cardiovascular disease, immunology, endocrinology, oncology, and respiratory diseases.

Symphony Clinical Research can replace pharmaceutical companies in conducting home visits or on-site visits to patients, making clinical research more convenient and efficient. The company is dedicated to providing innovative solutions to assist pharmaceutical companies in accelerating drug development and advancing their commercialization processes. Symphony focuses on multiple stages of clinical trials, with trial subjects including patients of all age groups, from newborns to the elderly.

Symphony Clinical Research has always been at the forefront of innovation in clinical research and pioneered patient-centric decentralized clinical trial programs. The company recruits volunteers for pharmaceutical companies, enhances patient adherence and investigator satisfaction, and significantly accelerates the pace of clinical trials. Symphony’s mission is to continuously refine its service model and deliver high-quality research outcomes to biopharmaceutical enterprises.

ICON, founded in 1990 and headquartered in Dublin, Ireland, is a leading contract research organization (CRO) specializing in new drug development. The company primarily provides drug development and commercialization services to biotechnology, medical device, biopharmaceutical, and generic pharmaceutical enterprises, including managing and supporting clinical development programs and advancing the clinical research of candidate products. Currently, ICON operates nearly 100 sites across 40 countries and regions, with more than 14,600 employees worldwide. The company was listed on the NASDAQ Stock Exchange in May 1998 under the ticker symbol ICLR.

CROs originated in the United States. They are academic or commercial scientific institutions that provide specialized R&D services through contractual collaborations with pharmaceutical companies, medical institutions, small and medium-sized medical device R&D enterprises, various government funds, and other organizations. Based on the nature of their work, CROs are broadly categorized into preclinical research CROs and clinical research CROs, with the latter primarily engaged in commissioned clinical trials.

Nicki Norris, CEO of Symphony Clinical Research, stated, “As a pioneer in clinical trial services, Symphony combines expertise with project management to enable patients to participate in trials regardless of their location. ICON has helped Symphony expand its business market globally, and we will also leverage our expertise and infrastructure to support ICON in developing its clinical trial services.”

(Compiled by Xu Xiaoxue)