Synexus Clinical Research Plc (United Kingdom) - Nov 2007

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01 November 2007

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Lyceum Capital has undertaken the public-to-private of clinical trial business Synexus Clinical Research Plc. Synexus was delisted from AIM on 17 November 2007 for a cash offer of 78p per share, representing a market capitalisation in excess of £18m. Lyceum funded the deal with equity only, in order to secure its completion in a short timeframe, and intends to refinance the business at a later date. Lyceum was looking for an opportunity in the clinical trials sector due to the fact that regulatory agencies in major markets are increasingly demanding larger and longer clinical trials in patients with diverse medical and ethnic profiles. Lyceum was attracted to Synexus in particularly due to its international spread which Lyceum intends to build on to pursue further growth opportunities.

Company

Chorley-based Synexus specialises in recruiting patients for late phase clinical trials on behalf of pharmaceutical and biotechnology companies. It works with such companies both directly and indirectly through clinical research organisations. Synexus operates from 13 sites across the UK, South Africa, India, Poland, Hungary and Bulgaria and works with drug companies such as AstraZeneca, Amgen, Covance, GSK, Novartis, Pfizer, Roche and Quintiles. Synexus recorded a last reported turnover of £9.6m and EBITDA of £900,000. It employs 180 staff.

People

Jeremy Hand led the deal for Lyceum with Grant Davidson. Hand and David Harland join the board of Synexus. Michael Fort is the CEO of the business and Malcolm Hughes is its interim chairman.

Advisers

Company - Brewin Dolphin London, (Corporate Finance)Company - Halliwells, (Legal)Equity - Deloitte, David Jones, Gordon Hamilton (Corporate Finance)Equity - Travers Smith, Philip Sanderson, Richard Skelton (Legal)

Sourced from: UK & Ireland unquote" 361 (Jan 2008)