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Averion acquires Hesperion
November 2007
SHARING OPTIONS:

SOUTHBOROUGH, Mass.—Averion International Corp. has acquired Hesperion AG, a Swiss-based, international, full-service, clinical research organization, from its parent company, Cerep SA. The Euro 25.0 million ($36.2 million) acquisition purchase price included an upfront cash payment of Euro 20 million ($29.0 million) with an additional Euro 5 million (approximately $7.2 million) to be paid within 30 days through the issuance of a promissory note.

Averion is required to pay an additional Euro 2.5 million in cash within 30 days of closing if it is not able to obtain a letter of credit securing the promissory note, at which point an unsecured promissory note in the amount of Euro 2.5 million will be issued. With the completion of this acquisition, Averion now has 14 offices in 10 countries, a significantly strengthened presence in Europe, and has doubled its full-time employee base to approximately 400.

Averion announced at the same time that it has completed a senior secured debt financing, raising gross proceeds of $24 million to fund the acquisition through the issuance of three-year senior secured notes.
 

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