Avania acquires Spain’s Anagram to expand in medtech trials sector

Medical technology-focused CRO Avania has acquired Spanish contractor Anagram to expand its reach in Southern Europe.

The deal will let Avania build its CRO business in Spain, which the firm described as a growing market for medical device clinical trials. Financial terms were not provided.

Avania also said Barcelona-headquartered Anagram would provide cross-sell opportunities by adding scale and eliminating reliance on current outsourcing partners.

CEO Jason Monteleone said, “The addition of Anagram furthers our vision of becoming a trusted global partner for the medtech community, advancing innovations from bench to bedside, and improving patient outcomes globally.

“It will provide us with a significant footprint in Spain and Southern Europe and further strengthen our cardiovascular and neurology franchises while expanding our oncology capabilities,” he added.

Spanish med tech market

An analysis by Statista expects the Spanish market for medical technology will generate revenue of €9.79 billion ($10.7 billion) in 2024, up around 6.2% year-on-year. The medical devices subsector is projected to be worth €8.13 billion.

Analysts cite Spain’s aging population and the government efforts to promote healthcare innovation through various initiatives and policies as growth drivers.

Furthermore, last year the Spanish Agency of Medicines and Medical Products (AEMPS) issued guidelines for companies trialing medical devices in the country – here in Spanish – in a move designed to bring national rules into compliance with EU Regulation 2017/745.

M&A strategy

The Anagram acquisition comes a year after Avania bought Boston, Massachusetts-headquartered Hull Associates and Toronto, Canada-based Ironstone Product Development.

At the time, Avania said the deal was designed to help it identify “medtech’s emerging priorities in regulatory and reimbursement and building scale to offer thoughtful strategies and differentiated project delivery for all product categories.”

Before that, in February 2023, Avania acquired Maxis, a medical technology development service provider of pre-clinical engineering, design validation and verification, regulatory affairs, field clinical services, and trial management.

Avania is backed by private equity company Astorg, which acquired a majority holding in the CRO in 2022.

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