Icon to buy trial division of CCH

Pharmaceutical services company Icon has agreed to acquire the clinical trials division of US group Cross Country Healthcare for an initial cash consideration of $52m (€38.3m).

The Irish company, which delisted from the Iseq in November to take a full listing on New York’s Nasdaq exchange, is likely to end up paying nearly $56m for the Florida-based business, as there is an additional $3.75m payable depending on performance-based milestones being met by CCH in the near-term.

Icon expects the takeover to be completed in 30 days.