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.
Market inquiries
Submissions are invited from interested parties regarding Blackstone’s proposed acquisition of I’rom by 5pm AEST on 7 August 2024.
Submissions should be forwarded electronically (preferably in PDF format) to mergers@accc.gov.au with the title: "Submission re: Blackstone – I’rom".
For more details, please refer to the Market Inquiries Letter published below.
Following 7 August 2024, queries regarding the ACCC’s review may also be addressed to mergers@accc.gov.au.
Market inquiries
| Document title | Date | |
|---|---|---|
| Blackstone I'rom - Market Inquiries Letter |
Timeline
| Date | Event |
|---|---|
ACCC commenced informal review under the Informal Merger Review Process Guidelines. |
|
Closing date for submissions. |
|
Provisional date for announcement of ACCC’s findings (as outlined in the Informal Merger Review Process Guidelines, this may be a final decision or release of a Statement of Issues). |