March 11 (Reuters) - Contract research firm Fortrea

Holdings ( FTRE ) on Monday said it will sell two of its

businesses to private equity firm Arsenal Capital Partners for

up to $345 million.

The North Carolina-based company said it will receive

$295 million for its enabling services segment and patient

access businesses when the deal closes in the second quarter of

2024, with a further $50 million to be paid upon reaching

specific transition-related milestones.

"After undertaking a strategic review of our business,

divesting Endpoint and Fortrea Patient Access aligns with the

interests of our customers," Fortrea ( FTRE ) Chairman and CEO Tom Pike

said in a statement.

The endpoint clinical segment provides solutions to

biopharmaceutical and contract research customers in serving

complex and late-stage clinical trials.

Fortrea's ( FTRE ) patient access business provides patient

support, product access, affordability and adherence solutions.

The company said the proposed divestiture further

streamlines Fortrea's ( FTRE ) strategic focus as a pure-play contract

research organization.

(Reporting by Pratik Jain in Bengaluru; Editing by Anil D'Silva

and Tasim Zahid)