FTRE

Fortrea sells enabling services and patient access businesses for up to $345 mln

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March 11 (Reuters) - Contract research firm Fortrea Holdings FTRE.O on Monday said it will sell two of its businesses to private equity firm Arsenal Capital Partners for up to $345 million.

The North Carolina-based company said it will receive $295 million for its enabling services segment and patient access businesses when the deal closes in the second quarter of 2024, with a further $50 million to be paid upon reaching specific transition-related milestones.

"After undertaking a strategic review of our business, divesting Endpoint and Fortrea Patient Access aligns with the interests of our customers," Fortrea Chairman and CEO Tom Pike said in a statement.

The endpoint clinical segment provides solutions to biopharmaceutical and contract research customers in serving complex and late-stage clinical trials.

Fortrea's patient access business provides patient support, product access, affordability and adherence solutions.

The company said the proposed divestiture further streamlines Fortrea's strategic focus as a pure-play contract research organization.

(Reporting by Pratik Jain in Bengaluru; Editing by Anil D'Silva and Tasim Zahid)

((Pratik.Jain@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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