Acquirer(s)
- Blackstone Group (HK) Limited
Target(s)
- I'rom Group Co Limited
Summary
Funds managed or advised by Blackstone Group (HK) Limited or its affiliates (Blackstone Funds) propose to acquire I’rom Group Co Limited (I’rom). Blackstone Funds indirectly own Nucleus Network Pty Ltd (Nucleus) and I’rom owns CMAX Clinical Research Pty Ltd (CMAX).
Nucleus and CMAX both supply Phase 1 clinical trial services in Australia to biotechnology and pharmaceutical companies developing new medicines. Phase 1 clinical trials involve experimental medicine being administered in low doses to humans, and are typically conducted on healthy volunteers.
CMAX has one clinic in Adelaide, South Australia with 78 patient beds. Nucleus has a clinic in Melbourne, Victoria with 94 patient beds and a clinic in Brisbane, Queensland with 60 patient beds. Nucleus also operates a satellite screening and outpatient clinic in Geelong, Victoria.
On 7 November 2024, the ACCC published a Statement of Issues outlining preliminary competition concerns in relation to the proposed acquisition.
On 20 December 2024, the ACCC decided to not oppose the proposed acquisition, subject to the ACCC accepting a court-enforceable undertaking from BXJB II Holding KK, which is indirectly owned by Blackstone Funds, to divest all of the shares held indirectly by I’rom in CMAX.
Market definition
The ACCC will release a Public Competition Assessment in due course.
Competition analysis
The ACCC will release a Public Competition Assessment in due course.
Market inquiries
| Document title | Date | |
|---|---|---|
| Blackstone I'rom - Market Inquiries Letter |
Statement of issues
| Document title | Date | |
|---|---|---|
| Blackstone I'rom - Statement of Issues |
Undertakings
| Document title | Date | |
|---|---|---|
| s87B Undertaking - BXJB II Holding KK |
Timeline
| Date | Event |
|---|---|
ACCC commenced informal review under the Informal Merger Review Process Guidelines. |
|
Closing date for submissions. |
|
Timeline suspended pending receipt of information from the parties. Former provisional date for announcement of ACCC's findings (3 October 2024) was delayed. |
|
ACCC received further information from the parties. Timeline recommenced. |
|
ACCC published a Statement of Issues outlining preliminary competition concerns. |
|
Closing date for submissions relating to Statement of Issues. |
|
Former proposed date for announcement of ACCC's decision (6 February 2025) brought forward. |
|
ACCC announced it would not oppose the proposed acquisition, subject to a section 87B undertaking accepted by the ACCC. |