FOR IMMEDIATE PRESS RELEASE
Kuwait City, Kuwait - September 24, 2020 – Kuwait Life Sciences Company (KLSC), announces the successful sale Clinart, a full-service contract research organization, with nearly 20 years of experience and strong local expertise in the Middle East and Northern Africa (MENA) region to CTI Clinical Trial and Consulting Services (CTI), a global, privately held, full-service contract research organization announces the acquisition of . Clinart was majority owned by Kuwait Life Sciences Company since 2012.
Commenting on the exit, KLSC CEO, Qais Marafie said:
"KLSC is proud to see Clinart embark on its next phase of growth under an international best practice company such as CTI. Our journey with Clinart started back in 2012 and was in line with our 5P (platform strategy) to transfer the latest technologies and innovations into the Middle East and North Africa (MENA) thereby supporting the nascent life sciences sector. We wish both the Clinart and CTI management teams the best of luck in supporting the MENA CRO industry."
Clinart provides an extensive array of services, from early to late-stage research as well as product support in accordance with global and specific regional requirements. Additionally, the Clinart footprint augments CTI’s current reach in the MENA region, with associates in Egypt, Morocco, Tunisia, Lebanon, Saudi Arabia, Kuwait, Jordan, Oman, and United Arab Emirates, enabling CTI to better serve our customers and their global programs.
Alaa Assem, MD, former CEO of Clinart, will now be Managing Director, MENA and will be integral to the success of the integration and the growth of CTI in the MENA region in the near and distant future.
“We are excited to have Clinart join CTI to create a stronger and more robust global full-service clinical research organization,” remarked Patrick J. Earley, CTI’s Chief International Business Officer. “This acquisition has been in the works for quite some time, and despite the global crises we’re currently experiencing, we felt passionately about moving this deal forward for the future success of our organization. In fact, this merger will allow both companies to continue and expand the global reach of their important work in COVID-19 research.”
“Joining CTI allows for our clients to have expanded industry leading therapeutic expertise, a broader global footprint, and a greater capacity for innovative solutions,” according to Alaa Assem, MD, MBA, Managing Director, MENA. “Our employees have been key to our success in the region the last two decades, and they will continue to use their local expertise to support CTI’s growth and projects.”
CTI, now in its third decade, will continue to be one of the 20 largest CROs in the world, now with associates in more than 60 countries across six continents. The company was recently named the #1 CRO in the world for quality at the 2020 CRO Leadership Awards, outperforming nearly 30 other recognized CROs from around the world. CTI is currently managing more than twenty active COVID-19 trials for treatment and prevention, in addition to work in regenerative medicine, rare diseases and other therapeutic indications.
About CTI Clinical Trial and Consulting Services
CTI Clinical Trial and Consulting Services is a global, privately held, full-service contract research organization (CRO) who was recently ranked the #1 CRO in the world for Quality at the 2020 CRO Leadership Awards. The CRO delivers a complete spectrum of clinical trial and consulting services throughout the lifecycle of development, from concept to commercialization. CTI’s focused therapeutic approach provides pharmaceutical, biotechnology, and medical device firms with clinical and disease area expertise in rare diseases, regenerative medicine/gene therapy, immunology, transplantation, nephrology, hematology/oncology, neurology, infectious diseases, hepatology, cardiopulmonary, and pediatric populations. CTI also offers a fully integrated multi-specialty clinical research site that conducts phase I-IV trials. CTI has a passion for helping life-changing therapies succeed in chronically and critically ill patient populations. With clinical trial experience across 6 continents, CTI partners with research sites, patients, and sponsors to fulfill unmet medical needs. CTI is headquartered in the Greater Cincinnati, OH area, with operations across North America, Europe, Latin America, and Asia-Pacific. For more information visit www.ctifacts.com
Clinart MENA is a regional and innovative contract research organization, offering a Full Service End-to-End Solution for your Phase I to IV clinical trials and NIS /RWE studies in the Middle East and North Africa region. Clinart offers direct access to 16+ MENA countries, in line with global standards and local cultures and regulations. Our international experience, as well as our proven track record of successful trials since 2001 assures our clients that Clinart MENA is their reliable partner for the MENA region. Clinart MENA headquarters are located in the Dubai Healthcare City - United Arab Emirates, offering direct coverage to countries in the Gulf region. In addition, our local offices in Saudi Arabia, Kuwait, Lebanon and Egypt and home-based CRAs across the region, offer an extensive direct coverage to different countries, ensuring that minor cultural differences across the MENA region are well managed by our local teams.
Kuwait Life Sciences (KLSC) was established in 2010, with a paid up capital of 18 million Kuwait Dinars (KD) which is equivalent to approximately $60 million US Dollars. KLSC is fully owned by National Technology Enterprises Company. National Technology Enterprises Company (NTEC) was incorporated in November of 2002, by the Kuwait Council of Ministers as a fully owned company by the Kuwait Investment Authority (KIA), the sovereign wealth fund of the State of Kuwait. Capitalized at 100 million Kuwait Dinars (KD) which is equivalent to approximately $350 million US Dollars, NTEC aims to play a vital role in servicing major stakeholders in Kuwait and the Middle East region with their technology requirements.
KLSC focuses on healthcare innovative concepts and demanded services which have a clear and unmet need in the Middle East and North Africa (MENA) region. KLSC has been designed as an integrated healthcare company building unique projects and is considered one of the pioneer venture capitalist and private equity companies in the Middle East that invests globally and operates regionally seeking to advance healthcare services and systems within the region. KLSC supports both public and private sector stakeholders to access emerging technologies, establish unique projects and adopt best practices prevailing in today’s healthcare field. KLSC operates in healthcare investment, life sciences training, medical technology, and pharmaceutical distribution.