Water Street Invests in Global Pharmaceutical Services Company

        Water Street Invests in Global Pharmaceutical Services Company

Health Care Firm Expands Global Presence with Investment in CCBR-SYNARC

PR Newswire

CHICAGO, April 8, 2013

CHICAGO, April 8, 2013 /PRNewswire/ --Water Street Healthcare Partners, a
strategic private equity firm focused exclusively on the health care industry,
announced today that it has invested in CCBR-SYNARC. Comprised of two
businesses that specialize in outsourced clinical services, CCBR-SYNARC
expands Water Street's global presence in the pharmaceutical services sector.
It also marks the health care firm's first investment from its new fund, Water
Street Healthcare Partners III, L.P., which it closed last year after
receiving $750 million of investor commitments in less than eight weeks.

CCBR-SYNARC is a highly specialized provider of clinical services to the
world's largest pharmaceutical and biotechnology companies. The company's
SYNARC business, based in Newark, Calif., specializes in imaging services,
consultation and analysis to track progress throughout a clinical trial's life
cycle. Its CCBR business, headquartered in Copenhagen, Denmark, recruits
patients from all over the world, and conducts and manages clinical trials in
its dedicated clinical centers. Together, the businesses employ more than 500
doctors, nurses and technicians who are located in 29 research centers across
Asia, Europe and The Americas. They currently focus their expertise in the
musculoskeletal, cardiovascular and neurological therapies.

"Water Street's team has consistently demonstrated to us a deep understanding
of our businesses since it first approached us about potential ways to work
together several years ago," said Dr. Claus Christiansen, founder and
chairman, CCBR-SYNARC. "When we reached a point in our development in which we
were ready to expand our capabilities and services, we knew Water Street was
our ideal partner. Its experience in the pharmaceutical sector, business
development expertise and extensive industry relationships will provide our
businesses with the intellectual capital and resources to achieve long-term
growth and success.

The outsourced clinical development market is projected to grow as much as 5
to 10 percent per year over the next five years. With new regulations and
global protocols leading to more complex drug development processes,
pharmaceutical companies are increasingly turning to specialized providers
such as CCBR-SYNARC to support them with particular aspects of their clinical
trials. CCBR's ability to recruit large patient populations from diverse
markets and SYNARC's high quality imaging capabilities have fueled the
company's growth since its founding in 1998.

"Recruiting patients to participate in clinical trials can be a significant
pain point for pharmaceutical companies and can cause costly delays in their
drug development processes," said Al Heller, an operating partner with Water
Street who has more than 30 years of pharmaceutical experience. "CCBR-SYNARC
stands out for its proven ability to both quickly recruit patients from
targeted geographies and efficiently analyze images to support customers while
increasing their clinical trial success rates."

CCBR-SYNARC expands Water Street's group of companies specializing in health
care products and services to 12. The firm is also an investor in AAIPharma
Services Corp., a provider of pharmaceutical product development services. It
sold its oral health pharmaceutical company, OraPharma, to Valeant
Pharmaceuticals International, Inc. last year. Since its founding in 2005,
Water Street has completed 39 transactions to create and grow a diverse group
of market-leading health care companies.

"We are pleased to build Water Street's presence in the pharmaceutical sector
with our investment in CCBR-SYNARC. The company is highly regarded as a
partner that delivers results through its unique combination of scientific
acumen, local market knowledge and proprietary technology," said Peter
Strothman, partner, Water Street. "We look forward to working closely with
Dr. Christiansen to strategically expand both businesses' unique
capabilities."

Water Street has activated its newest fund, Fund III, with its investment in
CCBR-SYNARC. The firm is seeking new opportunities to partner with
corporations interested in divesting non-core health care businesses, and
middle-market companies wanting to accelerate growth. Water Street targets
investments ranging from $50 to $500 million in four health care sectors:
distribution, medical products, health care services, and pharmaceutical
products and services.

About Water Street

Water Street is a strategic private equity firm focused exclusively on health
care. The firm has a strong record of building market-leading companies across
key growth sectors in health care. It has worked with some of the world's
leading health care companies on its investments including Gentiva, Johnson &
Johnson, Medtronic and Orthofix. Water Street's team is comprised of industry
executives and private equity professionals with decades of experience
investing in and operating global health care businesses. The firm is
headquartered in Chicago. For more information about Water Street, visit
waterstreet.com.

SOURCE Water Street Healthcare Partners

Website: http://www.waterstreetcapital.com
Contact: Kelly Zitlow, +1-847-858-5230, kelly.zitlow@waterstreet.com