IMS Health Inc., a Parsippany, NJ - based drug-marketing and data company, says it has bought Philadelphia-based TTC, a drug clinical-testing cost consultant that says its "clinical trial cost benchmarking and analysis databases are the largest in the world." This is IMS's second local acquisition in a year and boosts the company's Philadelphia-area staff to 1,000, according to IMS officials.
TTC founder Harold Glass PhD and his staff of 30 "will join the IMS team," Glass said in a statement. Fairmount Partners, Philadelphia, and partner Cornelius "Neal" MacCarthy advised IMS in the sale. So did longtime TTC adviser SSG, the West Conshohocken-based special-situations adviser headed by Mark Chesen.
IMS, taken private by a group of venture capital firms led by Texas-based TPG (also an investor in Wayne-based SunGard ) for $6 billion in 2010, also purchased SDI, a healthcare-data firm in Plymouth Meeting, in November. IMS's U.S. business is now based in Plymouth Meeting.
Banker Chesen notes this is the second time Glass, a research professor of health policy and former head of graduate pharmacy studies at University of the Sciences in Philadelphia (and at Kings College, London), has sold a company to IMS, a former division of the Dun & Bradstreet business-information firm. IMS bought Glass's DataEdge in 2000.
At the time, Glass says he "returned fulltime to academics," but found DataEdge's drug-company customers weren't happy after IMS sold the business to new operators. "So I restarted the company," with IMS's financial backing.