Deloitte expands life sciences practice
Date: 18-06-2008
Source: Consultant News
Deloitte has agreed to acquire Recombinant Capital, Inc. (Recap), a life sciences subscription database and advisory services firm. Financial details of the deal were not disclosed.
Included in the acquisition is Recap's unique database that provides more than 1,500 subscribers with access to over 20 years of historical data used to track significant publicly available information in the life sciences industry, ranging from alliance formations to intellectual property ownership and clinical trials data.
Deloitte's life sciences consulting practice was ranked number one by Kennedy Information in 2007 in terms of revenue and market share. Deloitte will further reinforce its market leadership position with the acquisition of Recap. The transaction also extends Deloitte's portfolio of services to include subscription database services, further complementing the consulting, financial advisory, tax, audit and enterprise risk services currently offered to life sciences clients. The addition of Recap's services will enhance Deloitte's litigation support, M&A, licensing and valuation capabilities.
"New business models are emerging that require life sciences companies to consider new strategies for growth, including forging alliances, entering emerging markets, executing mergers and acquisitions and developing new types of drugs," said Terry Hisey, vice chairman and US industry leader for Deloitte Life Sciences industry group. "With the addition of Recombinant Capital, Deloitte will be uniquely positioned to provide clients with unparalleled access to information and analyses critical to management in their development of future growth plans."
Recap's customers include approximately 90 percent of the top-tier biotech and pharmaceutical companies by market capitalization. The company also serves as a supplier of data to organizations, including venture capital firms, major law firms, universities and medical centers.
The acquisition is expected to be completed within the next month. Financial terms of the transaction have not been disclosed.
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