Fortrea acquires Worldwide Clinical Trials early phase unit
Fortrea Holdings said it will acquire Worldwide Clinical Trials' Early Phase Services division, including a 60,000-square-foot bioanalytical laboratory in Austin, a 200-bed clinical pharmacology unit in San Antonio and a storage facility in Pflugerville, Texas. The company said the assets will expand large- and small-molecule bioanalytical capabilities and clinical pharmacology capacity to support customers across Phase I to Phase IV trials. Shares rose about 3% in afternoon trading before settling at $18.23, up 2.8% from the previous close, reflecting a market view that the deal is meaningful but not transformational.
Acquisition adds clinical pharmacology and bioanalytical capacity in Texas
Context
Fortrea announced the purchase of Worldwide Clinical Trials' early phase units in Texas. The company previously reported strong third-quarter revenue but mixed earnings and had raised revenue guidance. The deal could increase Fortrea's…
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