NEW YORK: InVentiv Health, a provider of services to the pharmaceutical industry, has agreed to acquire Chandler Chicco Agency (CCA) for $65 million in cash and stock, in addition to earn-out payments based on specific financial targets.
CCA will become a wholly owned subsidiary of inVentiv Health. CCA co-founders Robert Chandler and Gianfranco Chicco will continue to lead the business, reporting into William O’Donnell, president and COO of inVentiv Communications.
"Adding CCA to our portfolio of services will significantly expand our PR offering, while also broadening our global capabilities," said Eran Broshy, chairman and CEO of inVentiv Health, in a statement.
"This partnership allows us to scale up globally... with greater authority, while maintaining our culture of success," Chicco added, in a statement. "It is an ideal partnership."