Pencarrow makes New Zealand clinical research investments

Lakeland Clinical Trials and Southern Clinical Trials will now operate together as Pacific Clinical Research Network (PCRN). Pencarrow’s investment will support expansion plans, including the creation of a streamlined, centralized nationwide network of clinical research trials sites. Financial terms were not disclosed.

Pencarrow closed its fifth fund in 2018 at NZ$250 million ($179 million) with a view to investing in companies with enterprise values in a range of NZ$20-100 million. The firm describes itself as a thematic investor, with industry consolidation opportunities one of its core areas of interest.

PCRN performs clinical research for pharmaceuticals and medical devices developers and contract research organizations at 16 locations across New Zealand with a focus on phase-one to phase-four trials. Most of these locations are managed as part of a separate franchise network.

The combined company has a track record of about 99,400 patient visits with a particularly strong background in vaccine studies. Southern Clinical Trials alone is said to have recruited 624 patients for a vaccine study in a single year.

Ben Harman, previously CEO of Canopy Cancer Care, has been brought in as CEO. Julia Mathieson, co-founder of Southern, and Philippa Williams, co-founder of Lakeland, will be joint COOs. Other co-founders of Southern and Lakeland will take on roles as medical director and medical advisor.

Pencarrow claims to have invested more than $500 million of equity in mid-sized New Zealand businesses since its inception as one of the country’s first private equity firms in 1993. It was active earlier this month with the acquisition of homeware retailer The Interiors from Australia’s Allegro Funds for an undisclosed sum.

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• Topics
• Australasia
• Healthcare
• Support services
• Buyouts
• New Zealand
• Pencarrow Private Equity
• Pharmaceuticals
• medical devices