Acquisition Enhances Offerings to Life Sciences Clients
CHICAGO--(BUSINESS WIRE)--Dec. 19, 2013--
Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of
business consulting services, today announced that it has entered into
an agreement to acquire the assets of The Frankel Group Associates LLC,
a leading life sciences consulting firm. The acquisition will expand
Huron’s strategy, operations, advanced analytics, and regulatory
compliance offerings to life sciences clients and to the law firms and
investment firms that serve these companies.
“We are pleased to welcome Frankel Group to Huron,” said James
H. Roth, president and chief executive officer, Huron
Consulting Group. “Their expertise will expand the portfolio of
services we provide to our pharmaceutical, medical device, and
investment banking/private equity clients, while adding to the value
proposition that we bring to the healthcare industry.”
The life sciences industry is undergoing significant change as a result
of factors including market consolidation, healthcare reform, increased
regulations, generic competition, challenging drug pipelines, and
pressure on research & development (R&D) spending.
"The expansion of the current Huron Life Sciences team with the Frankel
Group will enhance Huron’s capabilities to help C-suite executives in
this industry address their strategic business decisions and regulatory
compliance concerns in an increasingly complicated technical, commercial
and regulatory environment,” said Paul
Silver, managing director and Huron
Life Sciences practice leader.
“We are delighted to be joining Huron and expanding the deep industry
knowledge and expertise of the Huron Life Sciences team,” said Barry
Frankel, managing director and founder, Frankel
Group. “This combination brings together a portfolio of strategic
insight, science and technology depth, regulatory and compliance
expertise, commercialization experience, and marketplace data and
advanced analytics coupled with comprehensive risk management.”
For more than 20 years, Frankel Group has served a diverse client base
including global pharmaceutical, emerging bio/pharmaceutical, device and
diagnostic companies as well as investment firms serving the life
sciences industry. Frankel Group’s strategic solutions include Corporate
Strategy, R&D Optimization, Business Development Advisory, and
Commercialization Strategies.
The acquisition, which is subject to customary closing conditions, is
expected to close in early January 2014 and will result in approximately
50 Frankel Group professionals joining the Huron
Life Sciences team. Along with Barry Frankel, the following
individuals will join Huron as managing directors: Lester Cheng, Nathan
Dowden, David Gilman, Benjamin Rymzo, and Marc Tomassi.
Terms of the transaction were not disclosed. For reporting purposes,
Frankel Group will be included in the Huron Education and Life Sciences
segment.
About Huron Life Sciences
Huron
Life Sciences serves healthcare providers, academic medical centers,
pharmaceutical, medical device, and biotechnology companies and the law
firms that support these organizations to define, measure, and achieve
financial, operational, and strategic objectives. Learn more at www.huronconsultinggroup.com/lifesciences
or follow us on Twitter: @Huron.
About Huron Consulting Group
Huron Consulting Group helps clients in diverse industries improve
performance, reduce costs, leverage technology, process and review large
amounts of complex data, address regulatory changes, recover from
distress and stimulate growth. Our professionals employ their expertise
in administration, management, finance, operations, strategy, business
intelligence and technology to provide our clients with specialized
analyses and customized advice and solutions that are tailored to
address each client's particular challenges and opportunities to deliver
sustainable and measurable results. The Company provides consulting
services to a wide variety of both financially sound and distressed
organizations, including healthcare organizations, leading academic
institutions, Fortune 500 companies, governmental entities and law
firms. Huron has worked with more than 90 of the top 100 research
universities, more than 400 corporate general counsel, and more than 385
hospitals and academic medical centers. Learn more at www.huronconsultinggroup.com.
Statements in this press release that are not historical in nature,
including those concerning the Company’s current expectations about its
future requirements and needs, are “forward-looking” statements as
defined in Section 21E of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) and the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are identified by words
such as “may,” “should,” “expects,” “provides,” “anticipates,”
“assumes,” “can,” “will,” “meets,” “could,” “likely,” “intends,”
“might,” “predicts,” “seeks,” “would,” “believes,” “estimates,” “plans”
or “continues.” These forward-looking statements reflect our current
expectations about our future requirements and needs, results, levels of
activity, performance, or achievements, including, without limitation,
current expectations with respect to, among other factors, utilization
rates, billing rates, and the number of revenue-generating
professionals; that we are able to expand our service offerings; that we
successfully integrate the businesses we acquire; and that existing
market conditions continue to trend upward. These statements involve
known and unknown risks, uncertainties and other factors, including,
among others, those described under “Item 1A. Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2012 that may
cause actual results, levels of activity, performance or achievements to
be materially different from any anticipated results, levels of
activity, performance or achievements expressed or implied by these
forward-looking statements. We disclaim any obligation to update or
revise any forward-looking statements as a result of new information or
future events, or for any other reason.
Source: Huron Consulting Group Inc.
Huron Consulting Group Inc.
Media Contact:
Jennifer
Frost Hennagir
312-880-3260
jfrost-hennagir@huronconsultinggroup.com
or
Investor
Contact:
C. Mark Hussey
or
Ellen Wong
312-583-8722
investor@huronconsultinggroup.com
