CRA Holdings Inc. acquired Radiant Research Inc. for an undisclosed amount and with that ICICI Venture Funds Management Company exited the company.

Business Development Asia LLC was the exclusive financial advisor to Radiant Research and ICICI.

The acquisition will provide geographic presence to CRA and consolidate the highly fragmented American site management market.

ICICI's PE arm had bought the stake in CRA in 2007 for an undisclosed amount.

Radiant Research is a comprehensive site management and clinical research firm providing study conduct, development and centralized patient recruitment services to the biopharma and medical device industry.

It comprises of 20 wholly-owned premier clinical research centers, a full service CRO and a centralized patient recruitment division, employing more than 400 clinical research professionals.

CRA is a trial management organization that provides Phase II – IV clinical trial management services to the pharmaceutical and biotechnology industries. It has provided research services to the pharmaceutical and medical device industries since 1990, and has successfully completed over 1,800 clinical trials.

The sale is in line with the exit strategy adopted by ICICI Venture this year. It earlier sold stakes in Prize Petroleum, Sahyadri Hospitals, Shriram City Union, Arch Pharmalabs and PVR among others.

It was also planning to exit Updater Services, in which it had invested R100 Cr in 2008 and Karvy Stock Broking Ltd.

In the clinical research segment, IFC was planning to invest $25 Mn in Super Religare Laboratories.

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