Business
Huron Announces Intent to Divest Life Sciences Business to Oliver Wyman
Transaction strengthens Huron’s strategic focus on driving sustainable organic revenue growth and margin expansion CHICAGO--(BUSINESS WIRE)-- Global
About this update from Huron Consulting Group Inc.
[{"type":"text","content":"\nTransaction strengthens Huron’s strategic focus on driving sustainable organic revenue growth and margin expansion\n\n CHICAGO--(BUSINESS WIRE)--\nGlobal professional services firm Huron (NASDAQ: HURN) today announced it has entered into a definitive agreement to divest its life sciences commercial and R&D strategy, pricing and market access strategy business (the “Life Sciences Business”) to Oliver Wyman. Oliver Wyman is a global management consulting firm and a business of Marsh McLennan (NYSE: MMC).\n\n“Combining Oliver Wyman’s global focus and capabilities with Huron’s deep industry expertise will provide the scale needed to support the increasingly complex commercialization and access-related issues facing life sciences organizations,” said James H. Roth, chief executive officer of Huron.\n\nAfter the close of the transaction, Huron will concentrate its resources and investments in strengthening its industry expertise and capabilities in healthcare, education and the other businesses in its Business Advisory segment. In addition, it will continue to strengthen its advanced technology offerings across all operating segments.\n\n“As Huron looks to the future, we remain focused on developing our incredibly talented team and are committed to serving clients in the life sciences industry through our Innosight, technology and organizational transformation capabilities,” added Roth. “The sale of our Life Sciences Business will allow Huron to focus on what we believe are significant growth opportunities in our core businesses.”\n\nTransaction Overview\n\nOn a preliminary basis, Huron anticipates that the Life Sciences Business, which is part of its Business Advisory segment, will have generated approximately 2% of total Huron revenues for the nine-month period ended September 30, 2021. Adjusted EBITDA for the Life Sciences Business, including certain corporate expenses directly related to the Life Sciences Business, is expected to be immaterial for the nine months ended September 30, 2021. These preliminary estimates are subject to change based on the Company’s third quarter accounting close process, which is ongoing. A final nine-month revenue total for the Life Sciences Business will be provided on the Company’s third quarter 2021 earnings call.\n\nThe transaction is expected to close in November 2021 and is subject to customar...