Fortrea Signs Definitive Agreement to Divest Endpoint Clinical and Patient Access Businesses to Arsenal Capital Partners

Proposed divestiture of Endpoint Clinical and Fortrea Patient Access businesses further streamlines Fortrea’s strategic focus as a pure-play contract research organization

Creates standalone best-in-class Randomization and Trial Supply Management and Patient Access solutions positioned for differentiation and growth

DURHAM, N.C., March 11, 2024 (GLOBE NEWSWIRE) — Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today announced it has signed a definitive agreement to divest assets relating to its Enabling Services segment, namely its Endpoint Clinical (“Endpoint”) and Fortrea Patient Access businesses, to Arsenal Capital Partners (“Arsenal”), a leading private equity firm specializing in building market-leading, technology-rich healthcare companies.

By divesting these businesses, Fortrea aims to advance the growth strategy and solutions of Endpoint and Fortrea Patient Access, positioning them for increased investment to accelerate the technology roadmap and further enhance operations to support best-in-class customer solutions and delivery. The remaining business of Fortrea will strengthen its focus on clinical development phases 1 through 4. Closing is targeted for the second quarter of 2024, subject to customary closing conditions and regulatory approvals, as well as the parties entering into certain services and operating agreements.

“Today marks a significant milestone in Fortrea’s ongoing journey, as we sharpen our focus on organically growing as a pure-play CRO, with added financial flexibility,” said Fortrea Chairman and CEO Tom Pike. “After undertaking a strategic review of our business, divesting Endpoint and Fortrea Patient Access aligns with the interests of our customers. Arsenal has extensive experience in building businesses that create systematic improvement in health outcomes, and I am confident that Endpoint and Fortrea Patient Access will be able to strengthen their market positions, nurture top-tier talent and invest in new capabilities and resources while delivering solutions that improve patients’ lives.”

“I am excited for this next chapter for Endpoint and Fortrea Patient Access,” said Sam Osman, president of Enabling Services at Fortrea, who will serve as the CEO of these businesses with Arsenal. “These businesses will be distinctively positioned to effectively manage the patient journey across clinical trials and into commercialization by driving patient access and adherence for approved therapies. Combining Arsenal’s deep investment acumen and leading industry operational expertise, I am confident the Endpoint and Fortrea Patient Access businesses are well positioned for growth and delivery of enhanced capabilities for patients and pharma sponsors. I look forward to our continued positive impact on healthcare.”

“Endpoint and Fortrea Patient Access have a proud, decades-long track record of market leadership in supporting clinical research and commercialization of innovative therapies. Arsenal takes pride in building organizations that meaningfully improve healthcare. We are excited to partner with management and employees to accelerate the growth of these two businesses,” said Gene Gorbach, an Investment Partner of Arsenal.

Dimitris Agrafiotis, Ph.D., Director of Digital, Analytics & AI at Arsenal said, “Endpoint and Fortrea Patient Access provide essential solutions that enable patients’ participation in clinical trials and access to therapies. I am delighted to support the talented team at Endpoint and Fortrea Patient Access. Together, we will further enhance the sophistication of technology capabilities that underpin these companies’ commitment to delivering the highest quality services to the pharmaceutical industry.”

Endpoint Clinical
Endpoint operates in the high growth eClinical market as a leading provider of Randomization and Trial Supply Management (RTSM) solutions to biopharmaceutical and CRO customers with expertise in serving complex and late-stage clinical trials. For more than 15 years, Endpoint has had a successful track record of effectively supporting more than 1,750 clinical trials involving 875,000 patients across 90 countries and has cultivated a blue-chip customer base and nurtured long-standing strategic relationships.

Fortrea Patient Access
Fortrea Patient Access is a scaled leader in the HUB services and patient access market, serving the biopharmaceutical industry with comprehensive patient support, product access, affordability and adherence solutions for more than 30 years. Further advanced by its recently expanded non-commercial specialty pharmacy, FortreaRx™, to support enhanced distribution of cold-chain and ambient free goods products, Fortrea Patient Access is committed to driving patient outcomes and improving healthcare accessibility through its extensive experience while currently supporting more than 2.5 million patients and over 100 unique brands across more than 25 disease indications.

Arsenal Capital Partners
Arsenal Capital Partners is a leading private equity investment firm that specializes in building market-leading industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 290 platform and add-on acquisitions, and achieved more than 35 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.  For more information, visit

Barclays is serving as exclusive financial advisor to Fortrea, and Smith Anderson is serving as its legal counsel. Sidley Austin LLP served as Arsenal’s legal counsel.

Earnings Call and Replay
Fortrea will discuss the divestiture announcement on its fourth quarter 2023 earnings conference call, which will be held today at 9:00 am ET. The conference can be accessed through the Fortrea Investor Relations website or the following earnings webcast link. To avoid potential delays, please join at least 10 minutes prior to the start of the call. A replay of the live conference call will be available shortly after the conclusion of the event and accessible on the events and presentations section of the Fortrea website. A supplemental slide presentation will also be available on the Fortrea Investor Relations website prior to the start of the call.

About Fortrea
Fortrea (Nasdaq: FTRE) is a leading global provider of clinical development and patient access solutions to the life sciences industry. We partner with emerging and large biopharmaceutical, biotechnology, medical device and diagnostic companies to drive healthcare innovation that accelerates life changing therapies to patients. Fortrea provides phase I-IV clinical trial management, clinical pharmacology, consulting services, differentiated technology-enabled trial solutions and post-approval services. Fortrea’s solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights and a strong investigator site network. Our talented and diverse team of about 18,000 people working in more than 90 countries is scaled to deliver focused and agile solutions to customers globally. Learn more about how Fortrea is becoming a transformative force from pipeline to patient at and follow us on LinkedIn and X (formerly Twitter) @Fortrea.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the anticipated benefits of the transaction, including future financial and operating performance, and the anticipated timing for completing the transaction. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “guidance,” “expect,” “assume,” “anticipate,” “intend,” “plan,” “forecast,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results could differ materially from these forward looking statements due to a number of factors, including, but not limited to: satisfaction of the conditions precedent to consummation of the proposed divestiture of Endpoint Clinical and Fortrea Patient Access businesses transaction, including the ability to secure regulatory approvals, and the Company’s ability to complete the transaction in a timely manner or at all; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the parties’ ability to meet expectations regarding the accounting and tax treatments of the proposed transaction; and other factors described from time to time in documents that the Company files with the SEC. For a further discussion of the risks relating to the Company’s business, see the “Risk Factors” Section of the Company’s Registration Statement on Form 10, as filed with the Securities and Exchange Commission (the “SEC”), as such factors may be amended or updated from time to time in the Company’s subsequent periodic and other filings with the SEC, which are accessible on the SEC’s website at These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included or incorporated by reference in this report and in the Company’s filings with the SEC. All forward-looking statements are made only as of the date of this report and the Company does not undertake any obligation, other than as may be required by law, to update or revise any forward-looking statements to reflect future events or developments.

Fortrea Contacts:
Hima Inguva (Investors) – 877-495-0816,
Sue Zaranek (Media) – 919-943-5422,
Kate Dillon (Media) – 646-818-9115,

Arsenal Contact:
Jackie Schofield at

GlobeNewswire Distribution ID 9061141

Recursion Announces Plans to Open New Office in London

Appoints Michael Bronstein as Scientific Advisor and launches recruiting effort to fill the first 20 open roles across technology and biology, establishing a hub for world-class TechBio talent in the heart of King’s Cross neighborhood

LONDON, March 11, 2024 (GLOBE NEWSWIRE) — Recursion (Nasdaq: RXRX), a leading clinical stage TechBio company decoding biology to industrialize drug discovery, today announced plans to open a new office in London’s vibrant King’s Cross neighborhood. Set to formally open in June 2024, the site will provide Recursion and Valence Labs, the company’s artificial intelligence research engine, access to world-class talent across Europe’s rapidly growing TechBio sector and embed Recursion in a thriving innovation ecosystem of leading technology and life science companies.

“As Recursion continues to lead and define the TechBio industry, it’s critical we hire the best possible talent, much of which is located in Europe,” said Chris Gibson, Ph.D., Co-founder and CEO at Recursion. “London stood out as an ideal location given its brilliant and interdisciplinary talent across the fields of technology, biology and chemistry. It’s also the epicenter for the rapidly growing TechBio sector in Europe, where leading technology and life science companies like Google and Merck both sit within walking distance of our new Recursion site. I look forward to expanding our operations in Europe and hiring many new Recursionauts who will help us advance our mission of decoding biology to radically improve lives.”

To support Recursion’s leadership in TechBio and entry into London, the company is excited to announce the addition of Michael Bronstein, DeepMind Professor of Artificial Intelligence at Oxford University, as a Scientific Advisor. Professor Bronstein is a world leader in geometric deep learning, graph neural networks, and protein design. Professor Bronstein joins AI luminary Professor Yoshua Bengio in supporting Recursion and Valence Labs in the development of state-of-the-art AI models to support the industrialization of drug discovery.

“Recursion is leading the field in advancing cutting-edge AI research for real-world applications with the potential to radically improve lives, and I’m honoured to join them in their mission,” said Prof Michael Bronstein. “I have collaborated with Valence prior to their acquisition by Recursion, and I look forward to continuing to work with the team to advance this important work, especially as Recursion continues to grow in London.”

Recursion’s 6,700 square foot London office will be located at 3 Pancras Square, King’s Cross London. The building is part of a 67-acre redevelopment project in the heart of King’s Cross, with over 4.5 million square feet of office space. Located within a 3-minute walk from King’s Cross Station and St. Pancras International, the site offers excellent transit access. The building includes an onsite cafe, bicycle storage, showers, prayer room and mothers room. In line with Recursion’s commitment to sustainability, the building meets the requirements for an “Excellent” rating by BREEAM building standards and is linked to a site-wide district heating and cooling network that results in net-zero carbon emissions.

“The UK Government’s plan for attracting more inward investment into the UK is working. Recursion’s investment is yet another vote of confidence in the UK, our top talent and our amazing tech and life sciences industries,” said Investment Minister Lord Johnson. “I’m delighted Recursion has chosen London, and we’ll continue to do everything we can to ensure the UK remains the top choice for investments like this.”

Today, Recursion has over 500 employees with a near-equal mix of life scientists and technologists across sites in Salt Lake City, Toronto, Montréal, and the San Francisco Bay Area. Recursion’s new London office will serve as an extension of both Recursion and Valence Labs’ teams. To launch recruiting efforts for the new site, Recursion has opened multiple new roles across technology and biology functions with immediate plans to hire the first 20 people to be based out of the new London office. Recursion and Valence Labs will also host a TechBio Mixer tomorrow, March 12, at the location of its new site to celebrate the office and network with the TechBio community.

For more information on open positions and to apply, visit and

About Recursion
Recursion is a clinical stage TechBio company leading the space by decoding biology to industrialize drug discovery. Enabling its mission is the Recursion OS, a platform built across diverse technologies that continuously expands one of the world’s largest proprietary biological, chemical and patient-centric datasets. Recursion leverages sophisticated machine-learning algorithms to distill from its dataset a collection of trillions of searchable relationships across biology and chemistry unconstrained by human bias. By commanding massive experimental scale — up to millions of wet lab experiments weekly — and massive computational scale — owning and operating one of the most powerful supercomputers in the world, Recursion is uniting technology, biology, chemistry and patient-centric data to advance the future of medicine.

Recursion is headquartered in Salt Lake City, where it is a founding member of BioHive, the Utah life sciences industry collective. Recursion also has offices in Toronto, Montreal and the San Francisco Bay Area. Learn more at, or connect on X (formerly Twitter) and LinkedIn.

Media Contact

Investor Contact

Forward-Looking Statements
This document contains information that includes or is based upon “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995, including, without limitation, those regarding the opening of the London office and timing of such opening; the recruitment efforts and number of roles at the London office; and all other statements that are not historical facts. Forward-looking statements may or may not include identifying words such as “plan,” “will,” “expect,” “anticipate,” “intend,” “believe,” “potential,” “could,” “continue,” and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; our ability to leverage and enhance our drug discovery platform; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties such as those described under the heading “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023. All forward-looking statements are based on management’s current estimates, projections, and assumptions, and Recursion undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.

GlobeNewswire Distribution ID 9060948

Trader remanded over robbery after proposition

The Achimota Circuit Court has remanded into police custody Michael Gaza, a 23-year-old trader, who allegedly proposed to a lady and ended up robbing her of her mobile phone valued to GHC2000.

Gaza forced his victim to send him mobile money of GHC1,800 after pulling a knife at her.

However, luck eluded him when he robbed his second victim of her mobile phone valued GHC2,500and cash in the sum of GHC2,000.

Charged with two counts of robbery, Gaza pleaded not guilty.

Gaza is expected to reappear before the court presided over by Mr Isaac Addo on March 21, 2024.

The prosecution led by Assistant Superintendent of Police (ASP) Stephen Ahiale said the complainants Princess Eze and Ashley Phil are Nigerian Student and fashion designer respectively.

Princess resides at Osu and Ashley at Accra.

ASP Ahiale said Gaza who claimed to be a trader was also a Nigerian and claimed to be residing at Pokuase in Accra.

The prosecution said on January 3, 2024, at about 11:30 pm, Princess was hanging out with some friends
at Osu during, which the accused person approached and engaged her in a conversation.

The prosecution told the court that during their conversation, the accused person proposed to Princess and requested her to join him at his hotel at Accra Mall area to keep him company.

It said Princess agreed and followed the accused person in a waiting taxi.

Gaza and his accomplice, the taxi driver, who is at large, took Princess through an untarred road at Tetteh Quarshie roundabout.

The Prosecutor said Gaza, who was seated at the back seat with the complainant, suddenly pulled a knife at the complainant and ordered her to surrender all her valuables to him.

The prosecution said Princess obliged and Gaza collected her Techno 8 Pro Mobile phone valued GHC2,000 and ordered her to unlock her mobile number pin and transfer cash in the sum of GHc1,800, after which he pushed her out of the car.

It said on 28 February 2024 at about 2:00am, Gaza used the same modus operandi by engaging the second complainant Ashley Phil at
Osu, lured her to the same spot at Tetteh Quarshie and robbed her of iPhone 8 Plus valued GHc2,500 and ordered her to transfer GHC200 to a number yet to be ascertained by the Police.

The prosecution said Gaza pushed the second complainant out of the car and the driver sped off.

On March 2, 2024, at about 2:00am, the second complainant spotted the accused person in the same taxi at Osu along Oxford Street and raised an alarm.

The prosecution said Gaza was arrested and handed over to the Police at Osu, but the driver managed to escape.

It said Princess, the first complainant on hearing the arrest of Gaza went and identified him at the Osu Police station as the one who robbed her on January 3, 2024.

The prosecution said the parties were referred to the Airport Police Station for further investigations.

Source: Ghana News Agency

Four students of Comboni arrested for destroying property, causing harm at SOGASCO

Four students of Comboni Vocational Technical School have been arrested by the Sogakofe District Police Command for destroying the main gate and some sliding glasses of Sogakope Senior High School (SOGASCO) in the South Tongu District.

The incident occurred on Sunday at 1300 hours.

Mr. Newman Dziedzoave the Headmaster of SOGASCO, confirmed that calm was restored after the incident and four students were picked up by the police.

He explained that ‘others are on the run. So, the four that have been picked are assisting the police with the investigation, together with four additional town boys who happened to be old students of Comboni, which we suspect were hired to assist them.’

Mr Dziedzoave also mentioned that one of the classroom blocks was destroyed.

He disclosed that the feud between the two schools started when a student from SOGASCO was admitted to Comboni Hospital a few weeks ago.

‘About two weeks ago, a student of ours fell sick, and then one of the officers in the cadet took him to Comboni Hosp
ital. At the hospital, he came out to buy something at the hospital gate for his colleague, who was inside the yard. So, when he came out, three Comboni students accosted him that he should tuck in his shirt.’

The Headmaster further explained that the SOGASCO student declined by explaining that he was also a senior in another school and that they did not have any authority to ask him to tuck in.

However, the SOGASCO student was threatened and after sensing danger, he complied and knelt.

Mr Dziedzoave further narrated that ‘whilst kneeling, they took videos of him and posted it on their platform that they have conquered SOGASCO.’ He indicated that on March 6, 2024, when Comboni students also came for the independence anniversary parade, his students also asked them to tuck in, and they also refused, resulting in chaos, where the students threw stones at each other.

Mr Dziedzoave mentioned that one of the Convotech drivers was hit and was sent to the hospital for medical attention.

The Sogakope District P
olice command disclosed that the four were still in police custody assisting investigation.

Source: Ghana News Agency

Agona West MP Organises food competition for 11 basic schools

Mrs Cynthia Mamle Morrison, Member of Parliament (MP) for Agona West has organised a maiden food competition for 11 selected basic schools in the Municipality to help the students acquire cooking skills for prospects.

Speaking to the media after the programme, she noted that the purpose was to inculcate in the students the habit of cooking delicious and healthy Ghanaian foods to help reduce their taste for foreign foods.

The competition, the MP indicated was also to teach male students how to cook for their own benefits and that of their families.

Some of the foods cooked were Ampesi and nkontomire stew, kokonte and groundnut soap, fufu and palm soap, jollof rice and many others.

‘The time has come for us as parents, leaders, guardians and heads of educational institutions to teach our children the need to appreciate and consume our local dishes for healthy living.’

She assured that the cooking competition would not be a nine-day-wonder but a permanent featu.

Mrs Morrison said the competition would subs
equently be held at Agona Nyakrom and replicated in the six big towns in the Agona West constituency and the finals will come on in August this year at Agona Swedru where awards would be given to the best school and best student.

Mr Bismark Offei, Agona West Municipal Director of Education, commended the MP for her efforts in initiating the laudable initiative.

He said the competition was a booster for students because it had become difficult for home economics students to get money to purchase items for practicals due to financial difficulties.

The Director of Education said every expenditure was borne by the MP with neither students nor schools’ managements paying money for the competition and commended the MP for the gesture.

He said the competition had exposed the students to practicability of the theories learnt about home economics and had improved their skills.

Mr Offei urged parents and guardians to inculcate into their wards the cooking of Ghanaian foods at home to reap its enormous benefits.

r Samuel Osei Somuah, Agona West Communications Director of the New Patriotic Party (NPP), commended the MP for her benevolence.

He urged students to take the competition serious since it would go a long way to help those who would consider cooking as future career.

Source: Ghana News Agency

‘He left us with God’ – John Kumah’s wife

Apostle Mrs Lilian Kumah has praised his late husband, Dr John Ampontuah Kumah for his zealousness in the things of God, something she says will continue to inspire and comfort the family.

‘Among all the things, he left us with God. One thing that he loved doing was about the work of God. Even in his last days, he changed a lot in the church, which cost him a lot, but he insisted that he wants the best for God,’ she said.

The widow of the late Deputy Finance Minister said this in an interview on a local radio station on Monday, March 11.

Dr Kumah who until his death last Thursday, was a Deputy Finance Minister, and was survived by a wife and six children. He was 45 years old.

‘It’s not easy [for] both his mother and father, because it’s that baobab tree that we all enjoy some fresh air under that’s been uprooted,’ she said, adding that ‘his motive was to train me as a strong woman, and he’s accomplished that’.

Asked about how the family was dealing with the loss, Mrs Kumah said: ‘We want to remain strong
to live to appreciate his memory because we know that death is just a transition.’

She expressed worry about speculations about the cause of his husband’s death, and called on authorities, including the President, Nana Addo Dankwa Akufo-Addo to investigate the matter.

The widow stated that Dr Kumah was diagnosed with a blood-related disease sometime in August 2023 in Germany when she accompanied him for a medical check-up.

‘Why is it that someone has been this bold to claim that he knows for a fact that a person like John Kumah who has served his country virtually all his life, was poisoned, while he was working for his country and party (New Patriotic Party, NPP), why should we sit down and not bring that person to book? She asked.

‘If there are laws in this country concerning such false claims, I think this is the time for the leadership of the Land to bring that wicked person to book to prove his false claims and to point out the persons who were involved in the poisoning of my late husband,’ Mrs Kumah

Dr Kumah died at the Suhum Government Hospital in the Eastern Region, while arrangement was made to send him to Accra for onward planned trip to Germany for further medical attention.

The private legal practitioner and entrepreneur was the Managing Partner of the Aduaprokye Chambers – a law firm and served as the first Chief Executive Officer of the National Entrepreneurship and Innovation Programme (NEIP).

Under his leadership at NEIP, some 7,000 start-ups in 2018 under the Presidential Business Support programme received training, while about 1,350 beneficiaries also had funding support.

He had a Doctorate degree in Business Innovation from the Swiss Business School, Switzerland, and an Executive Master’s degree in Business Administration from the Ghana Institute of Management and Public Administration (GIMPA).

He also earned a Bachelor of Arts Degree in Economics with Philosophy and Law at the University of Ghana following his professional Law Certificate from the Ghana School of Law in 2013
. He was called to the Ghana Bar in 2013.

Source: Ghana News Agency