Press Release
Pencarrow Private Equity Takes Significant Stake In Two NZ Clinical Research Companies
Formerly PCRN: As part of the integration of PCRN into Momentum, this content now sits within the Momentum website. Two of New Zealand’s leading clinical research companies, Lakeland Clinical Trials Group and Southern Clinical Trials Group, have partnered with Pencarrow Private Equity, which has acquired a significant stake in both organisations.
October 21, 2021
•3 minutes
Following this investment, Lakeland Clinical Trials (LCT) and Southern Clinical Trials (SCT) have consolidated into one entity which will operate as PCRN Ltd (PCRN), effective from 13 October. Pencarrow, one of the county’s most respected and experienced private equity companies, backed by New Zealand investors, is now a 52.5% shareholder in the new entity.
Founders, Philippa Williams and Dr Michael Williams from LCT, and Julia Mathieson, and Dr Simon Carson from SCT, say Pencarrow’s investment and the decision to combine both companies will be transformative for New Zealand’s clinical research market.
This growth capital is excellent news for PCRN and for New Zealand because it allows us to rapidly scale our services to significantly increase New Zealand’s NZ$128m market share of the global US$44.3b clinical trial industry.
PCRN will be able to accelerate its expansion plans, and deliver a streamlined, centralised, nationwide network of clinical research trial sites and additional services to support its customers and franchisees, and to leverage its scale to attract more clinical trials to New Zealand.
Ultimately this means a greater number of patients across more geographic areas will have the opportunity to access the latest innovative treatments and therapies across a broader range of diseases.
New Chief Executive Role
The creation of the role of a Chief Executive for PCRN is an integral part of the strategy to support our expansion plans. The appointment of Ben Harman into this role builds our capacity to focus on growth and deliver best practice in clinical research through the development of enhanced systems and additional services for our franchisees and customers.
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If you are keen to explore how Momentum can help you with your next clinical trial, them please reach out to us here.
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