BioClinica Sued by Shareholder Over Sale to JLL Partners

BioClinica Inc. (BIOC), which provides clinical trial management services, was sued by an investor who claims the stock is undervalued in a $123 million buyout offer from New York private-equity firm JLL Partners Inc.

Because of the company’s future prospects, directors of Newtown, Pennsylvania-based BioClinica could have negotiated a higher price than the agreed-upon $7.25 a share, said James Gerson in the Delaware Chancery Court complaint made public today in Wilmington.

“Despite the persistent economic downturn throughout the United States, the company has seen a significant operating improvement in the last 12 months,” lawyers for Gerson said in the filing. They ask a judge to halt the transaction under its present terms and to award damages.

Mark Weinstein, BioClinica’s chief executive officer, didn’t immediately respond to a request seeking comment on the lawsuit.

BioClinica, which reported $83.9 million in 2011 sales, fell 3 cents to $7.23 at 12:34 p.m. in New York.

The case is Gerson v. BioClinica, CA8272, Delaware Chancery Court (Wilmington).

To contact the reporter on this story: Phil Milford in Wilmington, Delaware, at pmilford@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

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