Veristat is looking to raise its international profile through the acquisition of SQN Clinical. Both companies are Clinical Research Organizations (CRO) that help other healthcare organizations conduct clinical trials and bring new solutions to market more quickly.
However, the two companies do have different areas of focus within the CRO field. Veristat is best known for its work in novel drug development in the pharmaceutical industry, while SQN specializes in biometric solutions for the European market.
It is that biometric expertise that motivated Veristat to pursue the acquisition. The company believes that adding SQN to its portfolio will bolster its own biometric capabilities, and give Veristat the ability to take on a broader range of projects. It will also allow the company to take on more projects, since Veristat will be adding more than 100 SQN employees to its roster.
Those new employees are based in Europe, so Veristat is hoping that the acquisition will give it more reach in that region in particular. The company noted that Europe has a stricter regulatory ecosystem, and is planning to leverage its own submission expertise to help its clients navigate that environment.
“The joining of our organizations enables Veristat to address the needs of our European and global customers conducting trials in the US, UK and throughout Europe,” said Veristat Europe VP Montse Barceló Riera. “SQN Clinical enhances Veristat’s biometrics capabilities across the continent to proactively address the increased demand from sponsors.”
“Enriching analytical insight and working as a true partner with our clients to reduce the time and cost burdens of clinical trials and improve their results has always been a foundational goal,” added SQN Director Karen Grover. “We have a reputation for scientific excellence and a shared passion for teamwork to support consistent service delivery and high quality outcomes.”
Veristat will be hoping to capture a portion of a growing biometric healthcare market. Visiongain has predicted that that market will reach $14.65 billion by 2028, while Grand View Research places it at $14.5 billion in 2025. However, it is worth noting that both of those forecasts predate the COVID-19 pandemic, which has generated more interest in remote and home healthcare solutions.
February 25, 2021 – by Eric Weiss