Fortrea Completes $45 Million All-Cash Acquisition of Worldwide Clinical Trials' Early Phase Services Units

Fortrea Holdings Inc. (FTRE) said it completed its $45 million all-cash purchase of Worldwide Clinical Trials' Early Phase Services division, expanding the contract research organization's early-phase development capacity to more than 570 beds globally. The acquired assets include a 200-bed GCP-compliant clinical research unit in San Antonio, Texas; a 60,000-square-foot GLP-compliant bioanalytical laboratory in Austin, Texas; and a biospecimen storage facility in Pflugerville, Texas. The deal adds dedicated bioanalytical capabilities for large and small molecules. The operations will join Fortrea's Clinical Pharmacology Services business unit. Fortrea said integrating clinical pharmacology and bioanalytical services should reduce operational handoffs and streamline study execution from first-in-human studies through proof-of-concept and later-stage trials. The companies also signed agreements to maintain continuity for clients, employees and ongoing studies during the transition. FTRE closed on Monday at $22.42, down 0.31%.