Genesis Capital invests in AusTrials; clinical trials M&A heats up
Private equity’s running a fever dream on clinical trials businesses.
Genesis Capital Partners founders, Michael Caristo and Chris Yoo.
Street Talk can reveal healthcare specialist Genesis Capital has bought a stake in Australian clinical trials site management organisation AusTrials – creating the first trans-Tasman business of its kind – just as M&A activity heats up in the fast-growing sector.
Genesis Capital is expected to combine AusTrials with its Kiwi portfolio company P3 Research, with the goal of building the first transTasman clinical trials business. Combined, the two would have seven sites in New Zealand’s North and South Islands, and four on Australia’s East Coast.
The 14-year-old AusTrials would bring its phase II to IV clinical trials expertise and relationships with global pharmaceutical players, CROs and academic institutes. The other half of the equation, P3, has been running Phase II and III studies in New Zealand since being established in 1998.
Genesis, which was advised by PwC and Talbot Sayer, would use the purchase of the Australian arm as a beachhead to scale up. Meanwhile, AusTrials owner, Dr Munro Neville, was advised by Thomson Geer. It is understood Neville accepted part of hie sale proceeds as shares in P3, making him a substantial shareholder in the merged entity.
“This investment will provide AusTrials with the needed resources to expand its capacity and adapt to the increasing complexity, speed and scale of contemporary clinical trials across all phases,” Genesis Capital partner Michael Caristo told Street Talk on Sunday.
“AusTrials has demonstrated consistent success and growth throughout its history. With this investment, we look forward to accelerating AusTrials’ expansion and
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