March 19 Staffing company Kforce Inc
said it has agreed to sell its clinical research business to
inVentiv Health Inc for $50 million in cash, as it
looks to focus on its core business.
The clinical business, which provides contingent contract
staffing and permanent placement of clinical research personnel
to pharmaceutical and biotechnology companies, accounted for
about 9.5 percent of Kforce's total revenue in 2011.
"Continuing strong demand in our tech and FA (financial and
accounting) businesses should allow us to replace the lost
revenue from KCR (Kforce Clinical Research) over the next twelve
months," Joe Liberatore, Kforce's chief financial officer said
in a statement.
Kforce, which competes with Korn/Ferry International
, Kelly Services and SFN Group, said it
expects the transaction to close by March-end.
Separately, inVentiv Health said it expects adjusted annual
revenue of about $70 million.
inVentiv Health provides clinical, consulting and commercial
services to the pharmaceutical and healthcare industries.
Shares of the Tampa, Florida-based Kforce closed at $14.57
on Friday on the Nasdaq.