Chesapeake IRB, a clinical research institutional review board and a portfolio company of Linden Capital Partners, has acquired Compass IRB, an institutional review board based in Mesa, AZ. Linden acquired Chesapeake IRB last month from Audax Private Equity.
Compass IRB provides reviews for the following types of research: phase I-IV drug and biologics research; medical devices; industry and investigator-initiated research; registry studies; government-funded research; and behavioral research. Other services include pre-review of study protocols; document translation through an industry-known translation provider; and consent writing. Compass IRB received full Association for the Accreditation of Human Research Protection Programs (AAHRP) accreditation in 2010 and was re-accredited in 2013. Compass IRB has hosted two FDA audits (2009 and 2013) without findings. Compass IRB was founded by its president Matt Baker in 2006 (www.compassirb.com).
“We are excited to join a respected, growing industry leader like Chesapeake,” said Mr. Baker. “Their superior cloud based IRB platform, CIRBI, will enable us to easily integrate our operations.” CIRBI is an IRB management platform on which all IRB submissions and management tasks are performed, documented, and available for audit purposes.
Chesapeake IRB provides its legally-mandated IRB services to pharmaceutical, biotech, and medical device companies; contract research organizations; institutions; and academic medical centers. Chesapeake IRB earned AAHRPP accreditation in 2004 and was accredited for a fourth time in June 2015. The company was founded in 1993 and is headquartered southwest of Baltimore in Columbia, MD (www.chesapeakeirb.com).
According to Jeff Wendel, President and CEO of Chesapeake IRB, the Compass IRB acquisition provides Chesapeake with additional AAHRPP accredited review capacity and a broader geographic presence. “Compass shares our commitment to human subject protection, customer service and regulatory compliance,” said Mr. Wendel. “Adding Compass to the Chesapeake team expands our ability to serve clients who value efficient, quality-focused IRB reviews.”
Linden Capital Partners is focused exclusively on leveraged buyouts in the healthcare and life science industries. Linden’s strategy is based upon three elements: healthcare and life science industry specialization; integrated private equity and operating expertise; and strategic relationships with large corporations. Nearly one year ago, in March 2015, Linden closed its third private equity fund, Linden Capital Partners III, LP at the oversubscribed hard cap of $750 million. The original target for the new fund was $600 million. Fundraising for the new fund took less than 3 months. Linden closed its first fund of $200 million in 2005 and its second fund of $375 million in 2010. The firm is based in Chicago (www.lindenllc.com).
© 2016 PEPD • Private Equity’s Leading News Magazine • 2-3-16