Private equity firm Carlyle Group agreed to acquire US-based clinical research network operator TriNetX for an undisclosed sum on Monday, providing exits for pharmaceutical firm Merck & Co and conglomerates Mitsui and Itochu.
Founded in 2013, TriNetX runs a data-sharing network collating patient records and research data from 170 healthcare organisations such as pharmaceutical firms and research hospitals.
The portal encompasses anonymised and tagged data sourced from more than 400 million patients which can then be used to help identify drug targets or populate clinical trials.
Carlyle Group is expected to invest in a bid to push TriNetX’s growth strategy through technological enhancements to its platform such as machine learning-driven analytics.
TriNetX had raised a total of $102m in funding ahead of the acquisition.
Merck Global Health Innovation Fund, a strategic investment vehicle for Merck & Co, led TriNetX’s $40m series D round in March 2019 with backing from Itochu Technology Ventures, a corporate venturing arm of Itochu, along with Mitsui, Deerfield Management, MPM Capital and F2 Ventures.
MPM Capital and F2 Capital Partners had combined to supply TriNetX with $13m in June 2015, according to PE Hub. Deerfield provided an undisclosed sum the same month as part of what was referred to as a series B round, although further details could not be ascertained.
Joe Bress, a principal at Carlyle Group who focuses on healthcare deals, said: “With a deep clinical focus and a highly scalable data strategy, we believe TriNetX is well-positioned for continued organic and inorganic growth opportunities.
“We are excited to partner with Gadi and the TriNetX management team to help expand their global footprint and continue investing in the company’s mission to advance the collective understanding of human health.”