Advising on the investment in Medicines Evaluation Unit (“MEU”) by IQVIA

17 July 2025

Our Deal advisory team is delighted to announce that it has advised Medicines Evaluation Unit Limited (“MEU”), a UK leader in early Phase 1 clinical trials, and CRO Solutions Limited (“CROS”), the sister company of MEU and a Contract Research Organisation providing outsourced services to pharmaceutical and biotech companies, on a significant investment from IQVIA, a global leader in the life sciences and healthcare segments. The investment in MEU and CROS provides IQVIA with a strategic entry point with a Phase 1 MHRA-accredited facility in the UK with a market leading organisation.

MEU is one of the UK’s leading contract research organisations, operating out of a facility where commitment to excellence is paramount. As a UK leader in Early Phase clinical trials based in Manchester, the Companies have considerable expertise in SAD and MAD trials. The emergence of hybrid designs, including patient cohorts, has allowed the MEU to provide a complete solution for clients seeking a single site solution for their Early Phase programmes. The companies are home to state-of-the-art, hospital-based facilities, including 36 inpatient beds with cardiac and telemetry monitoring, a Phase I MHRA-accredited pharmacy, clinical assessment suite and numerous outpatient/consultant rooms. The expertise and knowledge of both MEU and CROS’s management teams and employees represent a highly distinctive and uniquely integrated skills base, providing significant opportunities to mutually enhance the collective services provided and improve the value delivered to their respective customer groups.

Working with the leadership team at MEU, IQVIA has plans to significantly develop the Wythenshawe site, which is part of the Manchester University NHS Foundation Trust (MFT) campus, boosting economic growth and creating high value job opportunities for Greater Manchester.

The investment will see the company integrate the MEU into its clinical trials offer to include first-in-human testing for novel therapies, supporting breakthrough discoveries across a range of disease areas.

Forvis Mazars acted as lead financial advisor to MEU and CROS and supported in delivering the investment from IQVIA, including supporting the negotiation on the value and terms of the investment, alongside advising on net debt and normalised working capital adjustments to help deliver the best value outcome for the shareholders. This was undertaken in a timely manner and by working collaboratively and pragmatically with the IQVIA team to deliver a successful outcome for all.

The Deal advisory team at Forvis Mazars was led by Dave Hilton, Chris Dale and Jack Hodkinson from M&A and supported by Sandy Cowan and Alex Kingston from SPA advisory. Richard Life, Hayley Goodwin and Wendy Catterall and team from Harrison Drury provided legal advice on the deal, with Michael Hodgson and team at Forbes Dawson providing tax advice.

Dave Hilton, UK Head of Mergers & Acquisitions: “MEU and CROS are two market leading companies within clinical trials, and the management team and employees include globally renowned experts in their fields. It’s been fantastic to work with a business of this stature based here in the heart of Manchester and we wish the companies every success in their next phase of ownership under a global leader in IQVIA, continuing to provide best in class services to the life sciences sector in supporting the development of early phase programmes.”

David Rogers, CEO of Medicines Evaluation Unit Limited: “We appointed Forvis Mazars to act as our lead financial advisor because of their strong credentials in this sector, global presence and the personable approach of the team. Dave and Chris were on hand throughout to advise on all aspects of the investment and to help communicate this to our multiple stakeholders in a clear and concise manner. The whole team worked tirelessly and adopted a pragmatic approach to ensure we achieved a successful outcome. On behalf of our management team, we are excited at the opportunity and prospects arising on this investment by IQVIA.”

Greater Manchester Mayor, Andy Burnham: “Greater Manchester is becoming a globally significant hub for the life sciences sector. Our unique ability to link universities and research institutes, industry, and our regional NHS trusts helps us take discoveries from lab to life faster and at a larger scale.

“The strength of these partnerships is a key reason we can attract companies like IQVIA, whose investment in Wythenshawe will deliver better outcomes for our patients while providing jobs and opportunities for our residents.”