Pharmaceutical and life sciences services provider PharmAlliance has acquired Monitorforhire, an online service that matches clinical research monitors with sponsors.
It comes alongside another acquisition for the North Carolina-based company after they acquired the clinical trial consulting firm BioBridges in September 2023, cementing the company’s plans to expand across the North American clinical trials industry.
Formed in 2000 and headquartered in Pennsylvania, Monitorforhire is a solely web-based platform intended to connect clinical trial monitors with sponsors with the pitch of significantly accelerating trial start times.
PharmAlliance said that the acquired company will operate as a division of BioBridges with the goal of placing clinical trial professionals in awaiting trials across the pharmaceutical, biotechnology, and medical device industries.
This new acquisition brings PharmAlliance’s total workforce of clinical research staff up to more than 4,000 individuals and all three companies now fall under the portfolio of investment firm Waud Capital.
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Mark Bouck, CEO of PharmAlliance and BioBridges, said: “Monitorforhire’s unique approach to providing essential clinical research monitoring resources is a valuable extension of the PharmAlliance portfolio. These services complement BioBridges’ commitment to providing clients with experienced, qualified professionals ready to positively advance drug development programs.”
It comes amid a sincere number of mergers and acquisitions in the clinical trials space throughout 2023 and the very start of 2024. Since the onset of the Covid-19 pandemic in late 2019, the general clinical trials space has shrunk with a significant number of mergers and acquisitions. There were 50 completed merger and acquisition deals in 2021, up from 21 the year before.
At the same time, another merger in the North American clinical trials space between IQVIA’s acquisition of digital advertising company Propel Media has hit a roadblock after it was subject to a temporary injunction from The US Federal Trade Commission.