NEW YORK (GenomeWeb News) – Toronto-based MDS said today that it has completed the divestiture of its Phase II-IV Pharma Services operations to INC Research, a contract research organization based in Raleigh, NC.
Under the terms of the agreement, INC Research has acquired MDS Pharma Services' Phase II-IV operations, which includes approximately 800 employees who conduct clinical trials in more than 25 countries.
MDS announced its plans to sell the business to INC for $50 million in early June as part of a broader strategy to focus the MDS Pharma Services business on services for early-stage discovery through Phase IIa, where it said it holds a "top-three" position in the market. The early-stage services business employs 1,900 people, with 10 locations in six countries.
The company said it will provide additional details about the divestiture when it reports its earnings for its fiscal third quarter ending July 31.
MDS is still looking for a buyer for its Central Labs business, which analyzes clinical trial samples for safety and physiological impact and employs more than 600 people.
In June, the company said that it had begun an expansion of its operations at its Taiwan site, which offers services that include molecular, cellular, ADME/DMPK, and in vivo assays for use in identifying lead drug candidates, profiling for selectivity, determining potential adverse effects, evaluating efficacy, and establishing proof of concept.