Hammond Hanlon Camp LLC Advises Parallel 6 on its Sale to PRA Health Sciences, Inc.

posted on August 3, 2017

 

Hammond Hanlon Camp LLC (“H2C”), a healthcare-focused investment banking firm, served as the exclusive financial advisor to Parallel 6, Inc. (“P6” or the “Company”) on its sale to PRA Health Sciences, Inc. (“PRA”, NASDAQ: PRAH).  P6 is a mobile clinical (“mClinical”) SaaS platform designed to recruit, enroll, engage and manage patients in clinical trials.

 

Founded in 2010, P6 provides a cloud-based solution that engages patients for trials and is devices agnostic – mobile, tablet, desktop and wearable devices.  Its end-to-end solution allows stakeholders to have a turn-key clinical trial technology stack that puts the patient at the center of the trial and weaves the trial into the life of the patient.  The Company’s patient-centric technology for registry, virtual, hybrid and traditional clinical studies can be developed in as little as 90 days, and deployed as a ‘Bring Your Own Device’ (“BYOD”) solution.  This displaces traditional ‘procured device’ alternatives while speeding up recruitment, addressing patient retention, dropping overall trial costs, and increasing compliance and speed of research.

 

“The H2C team created significant value for us by establishing a highly competitive process through which they seamlessly guided our organization.  Their HCIT domain expertise, strategic relationships and negotiation expertise were instrumental in maximizing outcome,” said David Turner, P6’s Chief Executive Officer and Founder.  “From the onset of the process, H2C focused on our differentiated, strong technology platform, guiding strategic partners to provide ‘full credit’ for revenue synergies.”

 

Upon receiving unsolicited strategic interest, P6’s Board of Directors engaged H2C to evaluate strategic alternatives and conduct a targeted sale process.  The strategy yielded significant interest from potential buyers, generating multiple bids from several of the largest global CROs and clinical technology companies.  Ultimately, H2C assisted P6’s Board in structuring and negotiating a successful merger with PRA that resulted in a double-digit revenue multiple.

 

“P6 has developed a leading mClinical SaaS solution that delivers tangible ROI to CROs, clinical technology companies and drug development sponsors by increasing patient touchpoints throughout the clinical trial process,” added Zeke Navar, Managing Director at H2C.  “The clinical trial industry is moving towards virtual trials, and P6’s solution is ‘widely distributable at a low cost’ and its current technology has no true competitors.”  Email Zeke