Healthcare Acquisitions: ERT Buys CareFusion Unit
June 3, 2010 (FinancialWire) — eResearchTechnology, Inc., (NASDAQ: ERES), a provider of technology and services to the pharmaceutical, biotechnology, and medical device industries, has closed the acquisition of the research services division of CareFusion Corp. (NYSE: CFN).
CRS is a provider of respiratory diagnostics services and manufacturer of diagnostic devices and also offers cardiac safety and ePRO services.
According to ERT, the combined company offers a leading position in the clinical research market for cardiac safety services, cardiac safety consulting, respiratory services, ePRO services, and medical devices.
The company said that the acquisition will serve to diversify its revenue base, expand its global footprint, and increase the potential for development of new services and products in clinical research and healthcare delivery.
ERT paid $80.8 million in cash for CRS after giving effect to preliminary closing balance sheet adjustments. The acquisition was financed from ERT's existing cash and $23 million drawn from ERT's new $40 million revolving credit facility through Citizens Bank of Pennsylvania.
The credit facility was established on May 27, 2010.
ERT said it plans to issue updated forward-looking financial guidance for the second half of 2010 and for the calendar year 2010 in conjunction with its release of earnings for the second quarter of 2010.
Pennsylvania-based eResearchTechnology provides centralized core-diagnostic electrocardiographic technology and services to evaluate cardiac safety in clinical development and centralized respiratory technology and services to evaluate pulmonary function efficacy and safety in clinical development.
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