Lyceum Capital, the mid-market growth investor, has acquired a third company for its platform investment Synexus, the fast-growing international clinical trials specialist.

Synexus, which de-listed from AIM in December 2007 through a management buyout backed by Lyceum Capital, provides fully outsourced clinical trials for global pharmaceutical companies, including patient recruitment and trial management.

The acquisition of Germany-based ClinPharm, which will complete in January, significantly increases the company’s presence in Europe by adding a further 10 Dedicated Research Centres, including eight in Germany and additional sites in Austria and Ukraine.

The company now operates a 26-strong portfolio of research centres in nine countries spanning Western, Central and Eastern Europe, Africa and Asia, consolidating its position as a global leader in its target market. The acquisition will also increase its total patient population reach to more than 30 million and bring additional therapy area experience.

The announcement follows a period of substantial growth in revenues, profits and order book at Synexus. A major investment programme in its IT infrastructure has also provided a solid platform to support the company’s continued expansion.

Jeremy Hand, Managing Partner at Lyceum Capital, said: “This is a transformational acquisition for Synexus. Not only does it give the company a major footprint in an area of significant demand, it confirms Synexus’ position as the largest global operator of clinical trials from dedicated sites — a fast growing market.”

“Following significant investment in its infrastructure, we have a perfect platform to deliver a consolidation strategy, helping Synexus continue its fast growth trajectory.”

Michael Fort, Chief Executive of Synexus, said: “The partnership with Lyceum Capital has helped accelerate our organic and acquisition-led growth strategy at a far quicker rate than we were able to achieve as a listed company. We’re now in an ideal position to take advantage of changing market dynamics and growing demand for our proposition, providing cost-effective trials quickly, reaching out to many patients and delivering consistently high quality clinical outcomes.”

Lyceum Capital invests £5 million-£30 million of equity in businesses operating in fragmented sectors with long-term underlying growth opportunities.

Since 2000, it has invested in 11 platform businesses and made a total of 42 add-on acquisitions. It closed its £255 million Fund II in 2008 and currently around 80% is available for investment.