- P3 is a leading New Zealand clinical trial site network founded in 1998
- With sites in seven locations throughout New Zealand, P3's clients range from large multi-nationals to small biotechs globally
- Genesis Capital has become the major shareholder of the clinical trials group alongside existing shareholders
WELLINGTON, New Zealand, Dec. 22, 2022 /PRNewswire/ -- P3 Research, a leading New Zealand clinical trials site network with seven locations across New Zealand has taken on healthcare specialist private equity firm Genesis Capital as an investor.
P3 is one of New Zealand's largest clinical trials site networks focused on recruitment excellence, high-quality data and streamlined processes in phase two and three trials for global pharmaceutical sponsors and CROs. With its significant site network, P3 is well known amongst sponsors for its ability to provide patient recruitment from a diverse cross-section of the country, while also granting New-Zealanders across the country access to medications that would otherwise be difficult to find or expensive.
The investment builds on Genesis's backing earlier in the year into bioanalytical laboratory Crux Biolabs, as part of continued focus by the fund on high-potential clinical trials services businesses in Australia and New Zealand,
Professor Richard Stubbs, CEO of P3 Research said, "New Zealand has become increasingly a destination of choice for the global clinical trials industry. With Genesis now on board, we look forward to being able to further expand our high-quality service capability with new sites catering to new and expanded therapeutic areas for our clients, while increasing patient access to the latest ground-breaking therapies across a broad range of disease states."
The contract research sector has seen accelerated growth across the region in recent years thanks in part to the importance placed on community-based trials such as those conducted at P3 clinics for bringing breakthroughs quickly to the global market.
Alongside expansion plans, the investment from Genesis will also focus on enhancing technological and patient recruitment capabilities for P3 to further cater to the increased global demand from CROs and sponsors in need of high-quality clinical trials.
Michael Caristo, partner at Genesis Capital said "The pandemic has highlighted the crucial need for these kinds of organisations in propelling medical advancements forward at the pace needed to have impact at a global scale. P3 Research has been the go-to for leading clinical trials for almost two decades in New Zealand and we're excited about being a part of their next phase of growth."
Genesis Capital was advised by Harmos Horton Lusk for legal and EY for accounting.
About P3 Research
P3 Research is a leading and respected independent clinical trials company dedicated to performing high quality clinical studies on behalf of worldwide pharmaceutical companies, contract research organisations and individual researchers.
About Genesis Capital
Genesis Capital is a specialist investment firm focused on building strong healthcare businesses in Australia and New Zealand. They are an active partner working alongside management to unlock growth in healthcare businesses that have the potential to be industry leaders.