Hangzhou Tigermed Consulting Co. Ltd. is buying Frontage Laboratories Inc. from Baird Capital.
The Exton, Pennsylvania-based target provides bioanalysis, preclinical studies, early phase clinical studies and product development services to biopharmaceutical companies. Frontage has facilities in the U.S. and China. The company will operate as a subsidiary of Hangzhou Tigermed, and retain its management team and facilities.
Tigermed, headquartered in Hangzhou, China, provides outsourced clinical development services to the pharmaceutical and medical device industries. The company is paying about $50 million for a majority stake in the business.
Baird Capital, based in Wilwaukee, Wisconsin, is the investment arm of Robert W. Baird & Co. The firm initially invested in the company in 2008. In July, Baird-backed Myelin Health acquired online marketing services provider Avid Design. In May, the group sold American Auto Auction Group to Huron Capital Partners.
Deals for companies that provide technology and services to health care companies are heating up. For more, see "5 Technologies Drive Health Care M&A."