ICON acquires Medeval Group

Published: 27-Jan-2003

Global clinical research organisation ICON has acquired Medeval Group, a leading UK clinical pharmacology group providing Phase I and bioanalytical services to the pharmaceutical and biotechnology industries.


Global clinical research organisation ICON has acquired Medeval Group, a leading UK clinical pharmacology group providing Phase I and bioanalytical services to the pharmaceutical and biotechnology industries.

Medeval has an 80-bed purpose-built facility in Manchester, enabling it to focus on the execution of 'first-in-man' studies, and had a turnover of some US$15m (€13.8m) in the last financial year.

ICON is paying an initial consideration, including the repayment of debt, of approximately $15.5m (€14.3m) in cash, with further payments of up to $7m (€6.4m) payable over the next 18 months, subject to the achievement of certain profit targets. The acquisition marks ICON's first entry into this area of research.

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