Preclinical Research

Layoffs possible as Ricerca Biosciences in discussions to be acquired, CEO says

03-Sep-2014
Last updated on 18-Nov-2014 at 14:51 GMT2014-11-18T14:51:59Z - By Zachary Brennan
Ricerca Biosciences is holding “ongoing discussions with several parties” about a potential sale
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Ohio-based CRO (contract research organization) Ricerca Biosciences is holding “ongoing discussions with several parties” about the possible sale of one or more of its divisions or the entire company, CEO Tim Derrington told us.

We’re exploring a broad range of options of a sale of one or more divisions,” Derrington said.

If the discussions do not end with an acquisition, all 199 of the company’s employees, including Derrington could be laid off, according to a letter filed with the state of Ohio. The layoffs would take place beginning on Oct. 27 and ending Nov. 10.

As part of those discussions, the company has provided its employees with 60 days-notice, which is required under US law for companies with more than 100 or more employees when massive layoffs or company closings are expected.

Business as usual despite discussions

Derrington assured us the company continues to operate normally and that the discussions “do not impact ongoing operations.”

As far as a timeline for when a deal will be made, Derrington said it’s hard to predict and that of the ongoing discussions, “each has its merits.”

Ricerca is a full-service CRO that offers IND strategy and design, discovery services, pivotal toxicology, support services and post-IND services.

News of the potential sale comes just a year after Ricerca signalled its intention of expanding in the US with funds raised through the sale of its R&D facility in Lyon, France to contract research organisation (CRO) WIL Research.  

Related topics: Clinical Development, Preclinical Research, Preclinical