PE firm Cinven close to buying contract research firm Medpace for $900 mn

European private equity firm Cinven Ltd is close to buying pharmaceutical contract research company Medpace Inc from peer CCMP Capital Advisors for around $900 million, Reuters yesterday reported, citing two people familiar with the matter.

The deal, in which Cinven outbid peers GTCR LLC and Summit Partners, could be announced as early as today, the report said.

CCMP had acquired an 81 per cent stake in Medpace in 2011 for around $484 million. The remaining stake is held by the management.

New York-based CCMP had in November 2013 hired investment bank Jefferies Group to look for prospective bidders and run an auction for Medpace.

Founded in 1992, Ohio-based Medpace is a research-based drug and device development company and offers its services to small and midsize biotechnology firms and global pharmaceutical giants.

Medpace's core Phase II – IV services include development plan and protocol design, project management, clinical monitoring, data management and analysis, regulatory submissions and post-marketing clinical support.

The company also provides complementary central reference laboratory services, bioanalytical laboratory services, human pharmacology (Phase I) services and imaging lab services.

The privately held company has 1,500 employees and 30 offices including laboratories throughout Europe, Asia, the Middle East, Australia, Africa, and the Americas.