Durham-based Velocity: We’re world’s ‘largest clinical research network’ after latest deal

DURHAM – Velocity Clinical should incorporate “High” into its name as in “high velocity growth” after the Durham-based firm announced the latest – and largest – acquisition to date early Thursday.

The latest company to join the Velocity arsenal that stretches across the U.S., Europe and India is Meridian Clinical Research which Velocity calls the “second largest” in the clinical site field. Financial terms weren’t disclosed. Meridian operates in 11 states – including North Carolina – and Washington, D.C.

“The acquisition makes Velocity the largest clinical site network globally,” a company spokesperson declared.

Velocity says the deal doubles the size of its workforce to 1,500 and expands its network of sites to nearly 80 in number.

It also now has “access to more than one million patients.”

“Having admired Nicole Osborn and the Meridian team’s approach to clinical research for some time now, I am particularly pleased to welcome them to Velocity. The combination of two of the best businesses in this sector moves the needle for clients, changing the relationship from transactional to strategic,” said Dr. Paul Evens, Velocity’s CEO.

“A multi-site business of our size means biopharma and Clinical Research Organizations can circumvent the individual site-selection process, dramatically reducing the time needed to activate sites and recruit patients, which speeds up drug development,” he added.

In just 20 months since being acquired  by private equity firm GHO Capital, Velocity has swelled from 14 sites.

Velocity works with drug development firms and clinical research organizations on clinical trials from Phase I-IV.

And Evans expects Velocity to continue to grow.

“We expect to see further merger and acquisition activity in the sites industry next year and beyond,” he said. “The consolidation of consolidators signals a maturing market and Velocity is leading the charge. This acquisition establishes a major player in the clinical research arena and we intend to use this as a platform to build the next stage of our evolution.”