June 27, 2006
Celerity Partners Invests in Synteract, Inc.
LOS ANGELES, CA
Celerity Partners (Celerity) announced today that it acquired a significant equity interest in Synteract, Inc. (Synteract). Synteract is a Contract Research Organization (CRO) offering a complete range of clinical development and consulting services to the pharmaceutical, biotechnology, and medical device industries. Synteract provides clients an opportunity to reduce their time, cost, and risk of bringing new pharmaceutical and medical device products to market. Northstar Capital and Ticonderoga Capital also participated in the new investor group. Synteract’s senior management team continues to hold a significant equity stake and will remain with the company.
Synteract offers services in clinical operations, safety surveillance, biostatistics, data management, medical monitoring, and medical writing. Since its inception in 1995, Synteract has achieved impressive growth rates in each of its service lines. Synteract enables biopharmaceutical companies to reduce their time, cost, and risk during clinical development by utilizing Synteract’s efficient software solutions and effective yet flexible processes developed by its highly talented staff.
Ellen Morgan, Synteract’s founder and CEO stated, “Given Celerity’s CRO industry experience, we are excited about the financial and strategic perspective they bring to Synteract. In partnering with Celerity, we can take this business to the next level while increasing our focus on the unique needs of each of our clients.”
Steve Adamson, Managing Partner at Celerity, stated, “The market for specialized clinical development and consulting services to the biopharmaceutical industry continues to expand. Synteract is a very strong competitor. Synteract offers biotechnological companies a faster, more cost-effective approach to gaining regulatory approval for promising new compounds and medical devices. We are delighted to be a partner in the Company’s bright future.”
ABOUT CELERITY PARTNERS: Celerity Partners is a private equity fund whose objective is to build businesses, in partnership with management, to preeminence in their markets. Since its inception in 1995, Celerity has invested in 56 businesses in a wide variety of industries with a total transaction value of $2.5 billion. Celerity has offices in Los Angeles and Menlo Park, California.