Fortrea to Acquire Early Phase Services from Worldwide Clinical Trials for $45M
FTRE has more than doubled off its 52-week low of $8.305.
Summary
Fortrea is acquiring Worldwide Clinical Trials' Early Phase Services division for approximately $45M in cash. The deal adds a 60,000 sq ft GLP bioanalytical lab in Austin, a 200-bed clinical pharmacology unit in San Antonio, and a biospecimen storage facility in Pflugerville, Texas. This expands Fortrea's early clinical development capabilities, adding in-house large and small molecule bioanalytical services and increasing North American bed capacity. The acquisition follows a period of finance leadership turnover and a strong Q2 operational turnaround. The transaction is expected to close pending regulatory approvals and services agreements.
At the time of this announcement, FTRE was trading at $17.72 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $8.31 to $21.39. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.