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
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“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.”
- David Turner
CEO, Parallel 6
ABOUT PARALLEL 6, INC.
Founded in 2010, Parallel 6 is currently transforming an industry that has primarily relied on paper based methods. The Company’s technology digitally enrolls, engages and manages patients using mobile endpoints. Now sponsors and clinical research organizations can connect directly with and manage patients anywhere in the world, seamlessly integrating into their daily lives. The firm’s headquarters is in San Diego, CA with additional offices in Washington D.C. For more information, visit www.parallel6.com.
ABOUT PRA HEALTH SCIENCES, INC.
PRA Health Sciences, Inc. (NASDAQ: PRAH) is one of the world’s leading global CROs by revenue, providing outsourced clinical development services to the biotechnology and pharmaceutical industries. PRA’s global clinical development platform includes more than 70 offices across North America, Europe, Asia, Latin America, South Africa, Australia and the Middle East and over 13,300 employees worldwide. Since 2000, PRA has performed approximately 3,500 clinical trials worldwide. In addition, PRA has participated in the pivotal or supportive trials that led to U.S. Food and Drug Administration or international regulatory approval of more than 70 drugs. For more information, visit www.prahs.com.
ABOUT HAMMOND HANLON CAMP LLC
Hammond Hanlon Camp LLC (“H2C”) is an independent strategic advisory and investment banking firm committed to providing superior advice as a trusted advisor to healthcare organizations and related companies throughout the United States. H2C’s professionals have a long track record of success in mergers and acquisitions, capital markets, real estate and restructuring transactions, acting as lead advisors on hundreds of transactions representing billions of dollars in value. Hammond Hanlon Camp LLC offers securities through its wholly-owned subsidiary H2C Securities Inc., member FINRA/SIPC. For more information, visit h2c.com.