Quadriga Partners advised Keystone Clinical Studies on its partnership with Flourish Research, a portfolio company of NMS Capital

DENVER, Nov. 10, 2022 /PRNewswire/ -- Quadriga Partners, LLC ("Quadriga"), an investment bank and transaction advisory group that works closely with companies in the healthcare industry, has announced that it has advised Keystone Clinical Studies, LLC ("Keystone") in its recapitalization by, and partnership with, Flourish Research ("Flourish"), a portfolio company of NMS Capital ("NMS").  Keystone is a leading clinical research site focused on Alzheimer's Disease ("AD") and other conditions related to the Central Nervous System. The site was founded in 2003 by Dr. Cherian Verghese, who will continue to lead the organization. Terms of the transaction were not disclosed.

Headquartered in Plymouth Meeting, PA, Keystone is a clinical research site focused on Alzheimer's Disease and other neurodegenerative conditions. The Company has established itself as a market leading site in recent years, gaining share in the Greater Philadelphia Area as well as a national reputation for excellence in clinical research. Keystone has been a valued source for CNS-focused clinical research and has developed deep relationships with sponsor customers, gaining strong revenue momentum in recent years. Dr. Verghese, a psychiatrist by training and a founding member of the CNS Summit, has spent more than 30 years focused on conducting clinical research and will assist with Flourish's future strategy in this therapeutic area. Dr. Verghese and the current management team will continue in their roles leading Keystone after the acquisition.

Dr. Cherian Verghese, Founder and CEO of Keystone said "Quadriga was an invaluable guide and an absolutely necessary participant through the entire transaction process. Their tireless commitment and support as well as their frank advice in the transaction was what ultimately led to its successful completion.  Ethan Goodson and the Quadriga team moved very quickly to ensure we were able to explore all our options in terms of partners.  Among the potential partners that we met, Flourish stood out for their vision, reputation, and operational excellence."

Ethan Goodson, Managing Director at Quadriga noted "Clinical research sites and outsourced pharma services providers continue to be attractive industry sectors for investors and strategic buyers alike given the need for increased speed, quality and reliability in therapeutic research and development.  We look forward to following Keystone and Flourish's ongoing success as they together continue to provide leading pharmaceutical and biotech sponsors the outsourced research services required to advance the development of critical therapeutic candidates treating AD and other diseases."

Reinhold Schulz, CEO of Flourish Research, commented, "The Keystone partnership was exactly what we were looking for in terms of entering a new market in Philadelphia as well as expanding our CNS capabilities, which is one of Flourish's focus areas.  I am excited to continue growing Flourish into a national market leader within the clinical research site space."

Quadriga served as financial advisor and Royer Cooper Cohen Braunfeld LLC provided legal advice to Keystone.  Cantor Fitzgerald & Co. served as financial advisor and McDermott Will & Emery provided legal advice to Flourish and NMS.

Headquartered in Denver, Quadriga Partners is a premier healthcare investment bank, focused on several key sectors including outsourced pharmaceutical services, with a significant track record of success in clinical research transactions. Quadriga provides merger and acquisition advisory and growth and debt capital raising services exclusively for healthcare companies.  For additional information on Quadriga, please visit www.QuadrigaPartners.com.

For further information:
Ethan Goodson  
Managing Director
(303) 446-5266
[email protected]

SOURCE Quadriga Partners, LLC

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