Icon to buy division of Cross Country Healthcare

by The Associated Press

Icon PLC plans to buy the clinical trial services division of Cross Country Healthcare Inc. in a deal potentially worth more than $55 million, as the Irish company seeks to grow globally and improve its drug safety consulting.

Icon, which is based in Dublin, said Monday it will pay $52 million in cash for the division plus an additional $3.75 million if some performance-based milestones are reached. It expects the deal to close within the next 30 days.

Icon provides development services to and medical device makers. Cross Country's clinical trial services division provides contract staffing and permanent placement services as well as work.

Cross Country, based in Boca Raton, Florida, said the clinical trial services business has been a "meaningful contributor" to the company for more than a decade. The company said it decided to sell it as part of a move to narrow its focus and focus on its resources on its and physician staffing businesses.

Cross Country Healthcare shares finished at $5.60 on Friday. That is nearer their 52-week high of $6.72 set last February. Its shares hit a low of $3.80 on mid-November.

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Pfizer will buy NextWave Pharma for up to $700M

Oct 22, 2012

(AP)—Pfizer said Monday it will buy NextWave Pharmaceuticals Inc., a company that makes a liquid attention deficit hyperactivity disorder drug, in a deal worth as much as $700 million.

Soft maker Deltek to be taken private for $890.5M

Aug 27, 2012

(AP)—Deltek Inc. shares slid nearly 8 percent Monday after the business software company said that it was being bought by private equity firm Thoma Bravo LLC in a cash deal worth about $890.5 million.

Ecolab buying Champion Technologies in $2.2B deal

Oct 12, 2012

Ecolab, the cleaning, food safety and pest-control services company, is buying the specialty chemical company Champion Technologies in a cash-and-stock deal valued at about $2.2 billion.

Emerson to buy Avocent for $1.2 billion

Oct 06, 2009

(AP) -- Emerson Electric Co. said Tuesday it has agreed to buy Avocent Corp. for about $1.2 billion in cash, a move the company says will offer customers better management of their data centers.

AT&T to sell most of Yellow Pages to Cerberus

Apr 09, 2012

(AP) -- AT&T Inc. on Monday said that it had agreed to sell a majority stake in its Yellow Pages business to the private-equity firm Cerberus Capital for $950 million.

Recommended for you

New MCAT shifts focus, will include humanities

10 hours ago

(HealthDay)—The Medical College Admission Test (MCAT) has been revised, and the latest changes, including more humanities such as social sciences, are due to be implemented next April, according to a report ...

Using feminist theory to understand male rape

21 hours ago

Decades of feminist research have framed rape and sexual assault as a 'women's issue', leaving little room for the experiences of male victims. But a new study published in the Journal of Gender Studies suggests that feminist ...

Simulation-based training improves endoscopy execution

Oct 18, 2014

(HealthDay)—Simulation-based training (SBT) improves clinicians' performance of gastrointestinal endoscopy in both test settings and clinical practice, according to research published in the October issue ...

User comments