Blackstone has announced that private equity funds and vehicles managed by Blackstone have entered into an agreement with Toyotaka Mori, founder, president and CEO of I’rom Group, to take the firm private.

I’rom provides clinical trial management services to pharmaceutical, biotechnology, and medical institutions. It also plays a critical role in the success of clinical trials, ensuring that technologies and medicines are brought to the market properly.

The firm was founded 27 years ago and has led Japan’s SMO market.

In addition, I’rom has partnered with medical institutions to provide mission-critical services related to clinical trials. It has also diversified into developing new products and services and supporting clinical research through its Contract Research Organization (CRO).

Blackstone has targeted June 2024 for the offer, subject to regulatory approvals and the satisfaction of terms set forth by Mori. If successful, Blackstone will own 55% of I’rom and Mori will continue invested with 45% ownership through his asset management firm.

Atsuhiko Sakamoto, head of private equity, Blackstone Japan, said: “We are pleased to partner with Mr. Mori and the rest of the management team, and help advance the company in its next phase of growth. We believe we can add tremendous value with our deep healthcare expertise and network. Life sciences is one of our highest conviction investment themes globally, including in Japan, where we have made two marquee investments and built these businesses into market leaders. We are committed to supporting I’rom’s mission of bringing critical medicines and technologies to the market and transforming patients’ lives.”

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Mori added: “We are excited to begin this journey with Blackstone, the world’s largest alternative asset manager. We share the vision of meaningfully growing the I’rom business and providing our medical partners with high-quality clinical trial operations and services, which can ultimately deliver life-changing medicines to patients quickly. We believe Blackstone is a great partner to bring I’rom to the next stage, building up on I’rom’s more than a quarter-century of trust, innovation, and security.”