The Clinical research site market has long been the most fragmented category in outsourced pharmaceutical services

• Prior to the formation of ERG in 2014, PE-backed site networks in the Phase II – III clinical research market represented <1% of the total global market, and none earned more than ~$15 million in revenue or ~$5 million in EBITDA on a consistent and sustainable basis
• Research sites were solely the domain of a few “lower lower” middle-market funds
• Fast forward to the present, and driven by the necessities of the COVID-19 pandemic, sites have begun to rapidly scale and consolidate, with ~30 PE-backed site platforms now representing ~15% of the total global market
• Despite the recent flurry of consolidation and M&A activity over the past couple years, there are still thousands of sites that remain independent in the US and around the world