Laval, June 7, 2013 -Élaine Zakaïb, Minister for Industrial Policy and the Banque de développement économique du Québec, announced today an injection of $6.7 million in capital stock in the company Altasciences for the acquisition of U.S.-based Vince & Associates Clinical Research. Altasciences is a clinical research firm best known in Québec under the name of Algorithme Pharma, its subsidiary located in the heart of Laval's Biotech City.
The Québec government has responded favourably to a request from Kilmer Capital Partners, a Canadian private equity investor and majority shareholder in Altasciences, to participate in the financing of this transaction benefiting the Québec subsidiary. The investment of $6.7 million in capital stock through Investissement Québec will allow the equity fund to become a minority shareholder in the company. Thanks to the synergies between the two entities, the transaction will help create 75 new jobs in Québec in the coming years.
"Although the pharmaceutical industry is facing major challenges around the world, the businesses in this sector play a vital role in Québec's economy. The province's 400 pharmaceutical companies have invested $5 billion in recent years and account for more than 25,000 jobs," explained Élaine Zakaïb. "This Québec leader's expansion in an important industrial cluster is great news for the Greater Montréal region, especially given that the acquisition will support Algorithme Pharma's growth in Québec and abroad."
The acquired contract research business, Vince & Associates Clinical Research, specializes in Phase I trials among patients in special populations, a niche that is experiencing great demand in the United States. This acquisition will allow Altasciences and its subsidiary Algorithme Pharma to gain a foothold in the American market and to enhance and diversify its service offering in this sector.
Through its group of companies, Altasciences provides comprehensive early-stage clinical drug development services in Phase I/IIa, including the necessary support services in this critical stage of drug development. The company strives to maintain the core competencies and identity of each business, including Algorithme Pharma, while leveraging their extensive expertise and capabilities. It also ensures that they benefit from being part of Altasciences, a parent company focused on excellence and customer service.
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Office of the Minister for Industrial Policy and the Banque de développement économique du Québec
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