Houlihan Lokey Advises INTAGE Healthcare
Houlihan Lokey is pleased to announce that INTAGE Healthcare (IHC) has sold its contract research organization (CRO) business to Alfresa Holdings (Alfresa). The transaction closed on 2 September 2024.
Founded in 1994 and headquartered in Tokyo, Japan, IHC provides market research—including ethical pharmaceutical market research—clinical trials support, post-marketing surveillance support, pharmacovigilance, and systems solutions. IHC, which operates as a subsidiary of INTAGE Holdings Inc., generated more than $78 million and $13 million in revenues and operating income, respectively, in 2023. Also headquartered in Tokyo, Japan, IHC’s CRO business provides pharmaceutical companies with post-marketing surveillance and CRO services.
Founded in 2003 and headquartered in Tokyo, Japan, Alfresa, through its subsidiaries, engages in the manufacture, wholesale, marketing, and import/export of pharmaceuticals, diagnostic reagents, and medical devices/equipment in Japan and internationally. Alfresa’s market capitalization is around $2.5 billion.
This transaction was a result of IHC’s strategic decision to divest its CRO business in order to concentrate resources on the marketing research and data science businesses from a medical consumer’s perspective. In addition, Alfresa aims to enter into the CRO business to enable one-stop support for pharmaceutical companies.
Houlihan Lokey served as the sole financial advisor to IHC on the sale of its CRO business to Alfresa. Houlihan Lokey provided value by identifying potential buyers, maintaining a competitive environment throughout the process, and negotiating favorable contract terms.