BURLINGTON, Mass., Might 17, 2011 /PRNewswire/ — inVentiv Well being, providing best-in-class scientific, consulting and business providers to the healthcare business, immediately introduced it has signed a definitive settlement to buy PharmaNet Improvement Group, a acknowledged chief of worldwide drug improvement providers to the pharmaceutical, biotechnology, generic drug and medical machine industries. Monetary phrases of the transaction weren’t disclosed.
With the addition of PharmaNet, inVentiv will lengthen its world presence to just about 40 nations and drastically improve each its early- and late-stage scientific improvement capabilities. Along with its beforehand introduced settlement to accumulate i3, one other main contract analysis group (CRO), inVentiv Well being shall be one of many world’s high CROs and place the Firm for accelerated development within the $21 billion world pharmaceutical outsourcing business.
Following the acquisitions, inVentiv turns into an organization with 13,000 staff in three divisions, Medical, Business, and Consulting, with greater than 6,000 staff devoted to scientific analysis worldwide, together with within the rising markets of Asia, Latin America, and Central/Jap Europe. The acquisitions will present inVentiv the dimensions and scope to take part in strategic alliances of any measurement, enhancing its means to fulfill consumer wants. It can give inVentiv higher alternatives for development as pharmaceutical corporations proceed to extend outsourcing to boost flexibility and decrease mounted prices.
“One in all our key strategic targets is to be acknowledged because the chief in each phase the place we serve our purchasers,” stated Paul Meister, Chief Government Officer of inVentiv Well being. “The acquisition of PharmaNet positions us among the many high world CROs, growing our capabilities, including new experience in each part of scientific improvement, and strengthening our spectacular consumer base and powerful administration group.”
Jeffrey P. McMullen, President and Chief Government Officer of PharmaNet, stated, “Our group is totally dedicated to persevering with to develop our enterprise and executing on the long run alternatives that this mixed providing gives to each our prospects and staff.”
Mr. McMullen, who will lead inVentiv’s CRO companies, added that he selected to work with inVentiv as a result of the organizations share the identical client-centric strategy and powerful therapeutic experience in oncology, rheumatology and neuroscience, in addition to in scientific applied sciences. Collectively, inVentiv’s mixed and expanded world attain will higher deal with prospects’ rising scientific wants. “Within the day-to-day operations, little will change. We are going to proceed to supply the identical stage of outstanding service that our purchasers have come to anticipate of us.”
PharmaNet presents complete drug improvement capabilities and experience in Part I by means of IV scientific trials, bioanalytical providers, pharmaceutical and regulatory consulting, and staffing coupled with robust therapeutic experience. About half of PharmaNet’s income is generated outdoors america.
“Within the evolving world market, scale is a key aggressive benefit to creating strategic relationships with our purchasers. This acquisition permits us to realize crucial scale whereas offering enhanced providers to our purchasers any time they want them, wherever on the planet,” Meister stated.
The expanded scientific providers providing enhances inVentiv’s world-class world consulting and business capabilities. For purchasers, the cross-functional, world experience signifies that inVentiv would be the firm to show to when trying to develop a brand new compound, create a successful enterprise technique, or efficiently commercialize a product wherever on the planet.
BofA Merrill Lynch, Citi and Jefferies Finance LLC offered financing commitments to inVentiv Well being to assist the transaction. In reference to the transaction, Ropes & Grey LLP acted as authorized advisor to inVentiv Well being, Skadden, Arps, Slate, Meagher & Flom LLP acted as authorized advisor to PharmaNet, Jefferies & Firm, Inc. and UBS Securities, LLC acted as monetary advisor to PharmaNet, and Jefferies & Firm, Inc. acted as monetary advisors to JLL Companions. The transaction is topic to customary closing circumstances and is anticipated to shut on or about June 30, 2011.
PharmaNet Improvement Group, Inc., a acknowledged chief of worldwide drug improvement providers to the pharmaceutical, biotechnology, generic drug, and medical machine industries, gives complete capabilities in Part I-IV scientific improvement, bioanalytical and bioequivalence providers, regulatory, staffing, and therapeutic options. For the utilized information and clever options wanted to speed up drug improvement packages of all sizes around the globe. For extra data, please go to www.PharmaNet.com.
About inVentiv Well being
inVentiv Well being, Inc. is a number one world supplier of results-driven scientific, consulting and business providers to the pharmaceutical and healthcare industries. inVentiv’s consumer roster contains greater than 400 pharmaceutical, biotech and life sciences corporations. inVentiv Well being Inc. is privately owned by inVentiv Group Holdings Inc., a corporation sponsored by associates of Thomas H. Lee Companions, L.P., Liberty Lane Companions and members of the inVentiv administration group. For extra data, go to www.inventivhealth.com.
This press launch accommodates forward-looking statements throughout the that means of the Non-public Securities Litigation Reform Act of 1995. Such forward-looking statements contain identified and unknown dangers which will trigger inVentiv Well being’s efficiency to vary materially. Such dangers embody, with out limitation: our means to sufficiently improve our revenues and preserve or lower bills and money capital expenditures to allow us to fund our operations; our means to proceed to adjust to the covenants and phrases of our credit score facility and to entry adequate capital to fund our operations; our means to develop our current consumer relationships, acquire new purchasers and cross-sell our providers; our means to efficiently function new traces of enterprise; our means to handle our infrastructure and sources to assist our development; our means to efficiently determine new companies to accumulate, conclude acquisition negotiations and combine the acquired companies together with the pending acquisitions of i3 and PharmaNet into our operations; any disruptions, impairments, or malfunctions affecting software program in addition to extreme prices or delays which will adversely impression our continued funding in and improvement of software program; the potential impression of presidency regulation on us and on our purchasers base; our means to adjust to all relevant legal guidelines in addition to our means to efficiently implement from a timing and value perspective any adjustments in relevant legal guidelines; our means to recruit, encourage and retain certified personnel, together with gross sales representatives; the precise impression of the adoption of sure accounting requirements; our means to keep up technological benefits in quite a lot of useful areas, together with gross sales power automation, digital claims surveillance and affected person compliance; adjustments in tendencies within the healthcare and pharmaceutical industries or in pharmaceutical outsourcing; and our incapacity to find out the precise time at which the liquidation of the Columbia Strategic Money Portfolio shall be accomplished or the full losses that we’ll truly understand from that funding car. Readers of this press launch are referred to paperwork filed every so often by inVentiv Well being Inc. with the Securities and Change Fee for additional dialogue of those and different components.
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