Cross Country Healthcare Inc. News Release (02/04/13)
Cross Country Healthcare Inc. has entered into an agreement to sell its clinical trial services business to ICON PLC for $52 million, plus an earn-out of up to $3.75 million related to certain performance-based milestones. ICON, based in Dublin, Ireland, is a global clinical research organization for drug development. Pending completion of certain closing conditions, the transaction is expected to be completed within the next 30 days.
“Selling this business is a logical step as we narrow our focus and concentrate our resources on our core nurse and allied staffing and our physician staffing businesses, which pro forma would represent about 90% of our consolidated revenue,” says Joseph A. Boshart, president and chief executive officer of Cross Country Healthcare.