Minnesota Clinical Investigator Site Prism Clinical Research Acquired by Private Equity-Backed Australian CRO

Aug 27, 2019 | Australia, Clinical Investigator Site, Clinical Research Site, Consolidation, Leading Sites, M&A, Minnesota, Phase I, Site Success, Site Watch

Minnesota Clinical Investigator Site Prism Clinical Research Acquired by Private Equity-Backed Australian CRO

Clinical investigator site consolidation continues as deal making goes international. Crescent Capital Partner-backed Australian dedicated research site and contract research organization (CRO) Nucleus Network recently acquired St. Paul MN-based Prism Clinical Research for $7 million. A 52-bed facility in the University Enterprise Laboratories, a biotech-heavy business incubator. Prism Clinical Research specializes in early-stage, Phase I clinical trials.

SEC Filing for $7 Million & Majority Position

A recent filing identified the majority equity purchase at $7 million, although no other deal terms were disclosed. The Star Tribune initially reported on the story. The deal was driven by Crescent Capital Partners who bought out Nucleus Network in 2018.

Prism Clinical Research Background

A privately held clinical investigatory site in St. Paul, MN, it is known for its focus on Phase I clinical trials in “diverse therapeutic populations” according to the company’s website. The firm maintains a dedicated recruitment department to consistently execute on clinical trial patient recruitment campaigns in the Minneapolis-St. Paul region. Their studies run the gamut from HIV and renal problems to type 2 diabetes and epilepsy.

With an estimated 40 employees, TrialSite News estimated their revenues between the $5 to $10 million range. The company has been led by Charles E. Halstenson and Jeffrey Cosgrove. The company website offers a virtual tour of the facility.

Who is Nucleus Network

Nucleus Network started as an entity to market the research excellence and opportunities in Victoria and Australia and became “a jewel in the crown of Australia’s biotechnology sector.” It was start-up funding and the foresight of the Labor Government in Victoria that helped launch Nucleus Network in 2003 through the provision of establishment grants.

They position themselves as Australia’s premier (and largest) dedicated Phase I clinical trials organization, with an 80 best Phase I clinical trials unit co-located within a major tertiary teaching hospital in Melbourne, Australia. A research site and CRO, they serve global biopharma sponsors from the U.S. and North America, Europe and Asia (including China), Taiwan, and Japan. They have conducted over 500 clinical trials.

Nucleus Network employs over 200 they are located adjacent to Alfred Health and the Alfred Health Research Alliance—a clinical trials site network in Australia. This powerful affiliation to a major medical hub offers access to:

  • World-leading medical, research and technology resources
  • 24/7 on-site access to hospital emergency facilities
  • Australia’s largest intensive/critical care and trauma unit
  • Interactions with numerous institutions, organizations and universities

Nucleus Network has formed a formidable network of medical, research and educational networks including:

  • Alfred Health (Australia’s best trauma critical care center serving 680,000 people every year)
  • Baker Institute (Experts in diagnosis, prevention and treatment of diabetes and cardiovascular disease)
  • Burnet Institute (Infectious disease and immunology specialists)
  • 360BioLabs (Bioanalytical lab with virology, immunology and PK/PD expertise)

Acquired by Private Equity Group Crescent Capital Partners

Nucleus Networks was acquired in 2018 by Australian-based Crescent Capital Partners. Nucleus Networks was part of the Baker Institute. The deal was worth over $100 million.

Australian Private Equity Capital Expands to North America

Now with Crescent Capital Partners’ backing, Nucleus Networks secures a beachhead in North America to potentially further, expand, and compete with other private equity-backed clinical investigator site roll-ups.

Call to Action: TrialSite News research staff carefully monitors clinical investigator site consolidation trends. The TrialSite Network includes a vast database of clinical research sites we monitor weekly. Should you be interested in partnering with these clinical research sites, contact them directly below or utilize the TrialSite Network broker service.

Contacts

Prism Clinical Research Clinical Investigators

  • Mark A. Matson, MD
  • Shannon Canas, MD
  • Gary Berman, MD
  • Daniel Ries, MD
  • George Canas, MD

Nucleus Networks

Peta Hamill, Director Clinical Operations

Crescent Capital Partners

Daren McKennay is Director and Chairman of Nucleus Networks

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