Memphis-based CirQuest Labs has been acquired by a German company, MLM Medical Labs GmbH.
CirQuest was founded in 2008 by Lisa K. Jennings, a former tenured Professor at the University of Tennessee Health Science Center, who has since been the owner and CEO. She will remain as global Chief Scientific Officer spearheading research services for the U.S. and Europe and as the Managing Executive Officer for the Memphis location.
CirQuest is a multi-service specialty laboratory and direct marketer of clinical trial logistics to the pharmaceutical and medical device industries. MLM Medical Labs, based near Duesseldorf, Germany, is a central laboratory dedicated exclusively to clinical trials.
CirQuest will remain at its Memphis facility and plans to expand staffing, laboratory research, and clinical trial services. It currently has about 30 employees and on-site consultants at the Memphis location. Annual revenues are estimated to be between $5 million and $10 million.
Jennings was the recipient of one of the 2015 Innovation Awards presented by Inside Memphis Business magazine.
Stephan Wnendt, CEO of MLM, said in a statement, “From the very first moment there was a great connection between Lisa and the MLM team. It’s not only the similarities in the way our labs are set up, but even more the shared passion for our clients and their projects.”
Jennings says, “There are people who research well and people who run clinical trials well — these skill sets do not always overlap. By combining two excellent enterprises like MLM and CirQuest we have the opportunity to bridge the gap between the two. MLM’s core values — scientific excellence, personal accountability, customized solutions — perfectly align with our philosophy and I am very much looking forward to joining the MLM family for the benefit of both of our companies.”