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Securities and Exchange Commission
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report October 17, 1996
(Date of earliest event reported)
COLLABORATIVE CLINICAL RESEARCH, INC.
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(Exact name of registrant as specified in its charter)
Ohio (000-20699) 34-1685364
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(State or other jurisdiction of (Commission File No.) (I.R.S. Employer
incorporation) Identification No.)
20600 Chagrin Boulevard, Cleveland, Ohio 44122
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (216) 491-9930
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Page 1 of 4 Pages
Exhibit Index Appears on Page 3
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Item 5. Other Events
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On October 16, 1996, Collaborative Clinical Research, Inc. signed a
definitive agreement to acquire the assets of Walker Clinical Evaluations, a
division of Walker Information, Inc. Walker Clinical Evaluations is a provider
of contract research services on pharmaceuticals, medical devices, foods and
other products which must undergo clinical trials prior to receiving certain
regulatory approvals of the Food and Drug Administration and other Governmental
Authorities. The purchase price for the acquired business will be determined
based upon the division's 1996 performance, with a minimum price of $2.8 million
and a maximum of $4.2 million.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COLLABORATIVE CLINICAL RESEARCH, INC.
By: /s/ Terry C. Black
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Terry C. Black
Vice President of Finance, Chief Financial
Officer, Treasurer, and Assistant Secretary
Date: October 17, 1996
Page 2 of 4 Pages
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE
99 Press Release Issued by the Company
on October 17, 1996. 4
Page 3 of 4 Pages
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COLLABORATIVE CLINICAL RESEARCH ACQUIRES
CLINICAL EVALUATION DIVISION OF WALKER INFORMATION
Cleveland, Ohio, October 17, 1996--Collaborative Clinical Research,
Inc., (NASDAQ:CCLR) today announced that it has signed a definitive agreement to
acquire the assets of Walker Clinical Evaluations, a division of Walker
Information, Inc. Walker Clinical Evaluations is a provider of contract research
services on pharmaceuticals, medical devices, foods and other products which
must undergo clinical trials prior to receiving certain regulatory approvals of
the Food and Drug Administration and other Governmental Authorities. The
purchase price for the acquired business will be determined based upon the
division's 1996 performance, with a minimum price of $2.8 million and a maximum
of $4.2 million. Consummation of this acquisition is subject to satisfaction of
standard contingencies. Collaborative expects that the closing should occur
prior to the end of October 1996.
Dr. Jeffrey A. Green, President and Chief Executive Officer of
Collaborative, stated, "We welcome the people of Walker Clinical Evaluations to
the Collaborative family. Their expertise in actual-use trials, labeling and
clinical trials has been utilized by many of the top companies in the
pharmaceutical industry. We look forward to the opportunity to build on the fine
reputation these professionals have earned."
According to Steven F. Walker, President and Chief Executive Officer of
Walker Information, "This is a good move for our clinical clients and staff,
Collaborative and Walker. For Walker, the sale is a strategic move to narrow our
focus and dominate our chosen market of measuring customer, employee, and other
stakeholder relationships. Proceeds from the sale will be reinvested directly
back into the company and to achieving our aggressive goals for globalization
within this market."
Walker Information, Inc., in Indianapolis, Indiana, is a global
resource for measuring and managing corporate performance with stakeholders
including customers, employees and other influential groups affecting business
success. For more than half a century, Walker Information has been providing
information services to some of the world's leading companies.
Collaborative Clinical Research, Inc., manages a network comprised of
over 465 affiliated clinical research sites providing access to over 3,700
principal investigators in the United States, Canada and the United Kingdom.
Through recent acquisitions, including Walker, the Company operates five
research facilities, conducts Phase I through Phase IV clinical research, and
provides clinical reference laboratory and Institutional Review Board services.
CONTACT: Jeffrey A. Green, Pharm.D., FCP
President and Chief Executive Officer
Collaborative Clinical Research, Inc.
(216) 491-9930
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