Share 2016-09-29 17:29 RATOS B 40.64 SEK



Trial Form Support (TFS) performs clinical trials in the human phase on behalf of the pharmaceutical, biotech-nology and medical device industries, as well as associated sectors. TFS is a clinical research organisation (CRO) that offers broad medical competence and niche expertise, providing global clinical trials to its customers in a regulated and safe manner. The company’s offering comprises contract research services by coordinating and implementing clinical trials, regulatory consulting and analysis of test results. Assignments comprise the implementation of entire clinical development programmes or specifically selected services of the clinical trials.

TFS’s services contribute to solving customers’ increasing needs to optimise internal use of resources, as well as the need for qualitative and efficiently performed clinical trials. TFS’s services achieve a reduction in the clinical development time and therefore contribute considerable value to the customers’ objective of reducing time to market and potentially increased sales.

TFS has 25 offices in Europe and North America, and conducts trials in a total of 40 countries.

The number of employees has continued to climb throughout the year, and at the end of 2015 totalled approximately 700.


The CRO market is global with an estimated value of approximately USD 35bn and expanding as pharmaceutical companies increasingly focusing on their core operations (R&D), as well as the need to adhere to the increasing requirements and complexity of the regulatory frameworks. TFS’s core expertise lies in serving small and medium-sized pharmaceutical, biotechnology and medical device companies where there is a growing outsourcing trend for clinical trials. The CRO market is expected to grow annually by approximately 6–8%.

The year in brief

During the year, TFS has shown robust development and growth through a streamlined work process that successfully supplied large-scale global trials. The task of integrating earlier add-on acquisitions in Europe and the US has progressed to realise the expected synergies.

Professionl fee revenue increased by 17% due to good order intake and positive growth in all regions and business areas.

In 2015, TFS successfully implemented a globalisation process of the company’s operational business areas and service functions. The implementation was driven by Group management to ensure efficiency, resource
optimisation, system utilisation and quality control of all global clinical development projects.


TFS’s key sustainability issues comprise following up respect for human rights and reasonable working conditions in the value chain, primarily pertaining to contracted suppliers, and ensuring good business ethics and preventive anti-corruption efforts. The company’s direct environmental impact is small. Through its work, the company contributes to positive community development by assuring the quality of new pharmaceuticals.

Development potential

Ratos invested in TFS for its high-quality service offering in a fast-growing market niche where there is continued strong potential for growth.

TFS has well-established and strong customer relations, and has developed a stable international platform in a market segment that is expanding as the demand for these service offerings and specific expertise increases. We have also identified a distinct consolidation trend in the industry, which could generate opportunities for attractive add-on acquisitions. TFS is an entrepreneurial company with a corporate culture that focuses on customers and sales, and where we have identified potential for further development and improved profitability through combining the management’s industry expertise with Ratos’s experience of developing growing companies with a clear strategic agenda, our capital and our skills in conducting add-on acquisitions.

(Mainly from Ratos's annual report 2015)