Fortrea Completes Divestiture of Endpoint Clinical and Patient Access Businesses to Arsenal Capital Partners

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[{"type":"text","content":"DURHAM, N.C., June 04, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) a leading global contract research organization (“CRO”), today announced it has completed the divestiture of assets relating to its Enabling Services segment, namely its Endpoint Clinical (“Endpoint”) and Fortrea Patient Access (“FPA”) businesses, to Arsenal Capital Partners (“Arsenal”), a leading private equity firm specializing in building market-leading, technology-rich healthcare and industrial growth companies. Endpoint and FPA provide best-in-class Randomization and Trial Supply Management (RTSM) and patient access solutions respectively. They both represent strategically differentiated entry points within the pharmaceutical services value chain, where Arsenal holds significant domain, scientific and technical knowledge. Arsenal has appointed Sam Osman, former president of Fortrea’s Enabling Services segment, to serve as chief executive officer of the new entities, and Raymond (“Ray”) H. Hill, an operating partner within Arsenal’s healthcare team, will serve as chairman of the board. “Endpoint and FPA are distinctly positioned to support the patient journey across clinical trials and through access to novel therapeutics after approval,” said Sam Osman, chief executive officer of Endpoint and FPA. “With Arsenal as our partner, I am confident that both our businesses and our teams will benefit from accelerated growth opportunities as well as investment and executive focus, resulting in enhanced capabilities and solutions for customers.” “The successful closing of this transaction is a testament to the caliber of the teams involved, who have planned a smooth transition for colleagues, customers and the patients we serve,” said Fortrea Chairman and CEO Tom Pike. “This transaction enables both organizations to focus their leadership and resources on delivering optimal solutions for our customers. As previously disclosed, the net proceeds from this divestiture will be used to reduce a portion of Fortrea’s overall debt structure. As a pure-play clinical CRO, Fortrea remains committed to our mission of delivering solutions that bring life-changing treatments to patients faster.” Ray Hill, an operating partner of Arsenal and chairman of the board for Endpoint and FPA, said, “I am incredibly excited to be a part of Endpoint and FPA’s next chapter. I look forward ...

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