QIMR Berghofer Medical Research Institute has sold its early-phase clinical trials company Q-Pharm Pty Ltd to the owners of clinical trial company Nucleus Network.
Q-Pharm was established in 2002 as a specialist early-phase (phase I and II) clinical trials provider. QIMR Berghofer acquired full ownership of the company in 2014.
QIMR Berghofer’s Director and CEO, Professor Frank Gannon, said Q-Pharm’s operations would continue as normal with the change of ownership.
“Over the last 17 years, Q-Pharm management and QIMR Berghofer have built Q-Pharm into the reputable company it is today,” he said.
“It has built an international reputation for safety, quality and service.
“Since 2002, Q-Pharm has conducted more than 400 clinical trials and its trials are accepted by regulators in Australia, Europe, North America and Asia.
“Last year, Q-Pharm’s premises were refurbished and expanded to a 62-bed facility, allowing it to conduct bigger trials and to attract more international business.
“Clinical trials are a highly competitive global industry and there is a need to continue to invest to attract international trials.
“While we have built Q-Pharm into the company it is today, third-party clinical trials are not QIMR Berghofer’s core business. For that reason, the QIMR Berghofer Council has decided that the timing is right for the Institute to capture the value it has created in Q-Pharm and put this towards funding more life-saving medical research.
“Importantly, Q-Pharm’s operations will continue as normal, so Queensland will continue to be an important base for clinical trials. The sale will have no impact on the range of clinical trials that involve the research teams at QIMR Berghofer.
“I would like to thank all of the staff and management at Q-Pharm, as well as the Q-Pharm board, who have worked tirelessly to build and maintain its excellent performance and safety record over the years. In particular, I would like to thank the outgoing CEO, Dr Tufail Syed, who has overseen Q-Pharm’s recent growth and expansion.”
Nucleus Network’s CEO, Cameron Johnson, said the trials conducted by both Nucleus and Q-Pharm provided a critical step in ensuring the safety and efficacy of new drugs prior to launch into the market place.
“We are committed to continuing Q-Pharm’s contribution to the medical research community and to attracting more trials to Queensland through greater investment in the company,” Mr Johnson said.
“We are excited about this important step for the broader Nucleus business and look forward to working with and welcoming the Q-Pharm team.”
The terms of the sale are commercial in confidence.