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PharmaNet Announces Tender Offer and Consent Solicitation
Date:5/27/2011

PRINCETON, N.J., May 27, 2011 /PRNewswire/ -- PharmaNet Development Group, Inc. (the "Company" or "PharmaNet") announced today that it has commenced a cash tender offer and consent solicitation (the "Offer") for any and all of its outstanding 10 7/8% Senior Secured Notes due 2017 (the "Notes"). The Offer is described in the Offer to Purchase and Consent Solicitation Statement dated May 26, 2011 (the "Offer to Purchase"). The Offer will expire at midnight, New York City time, on June 23, 2011, unless extended or earlier terminated (the "Expiration Time").

Holders who validly tender and do not validly withdraw their Notes and provide their consents to the proposed amendments to the indenture governing the Notes on or prior to the consent payment deadline of 5:00 p.m., New York City time, on June 9, 2011, unless extended or earlier terminated (the "Consent Payment Deadline"), shall receive the total consideration equal to $1,247.75 per $1,000 principal amount of Notes tendered (the "Total Consideration"), plus any accrued and unpaid interest on the Notes from the most recent interest payment date for the Notes up to, but not including, the payment date for such Notes.  The Total Consideration is a premium to the estimated weighted average of the "equity claw" and "make whole" redemption prices pursuant to the indenture governing the Notes.  Included in the $1,247.75 of the Total Consideration is a consent payment of $50.00 per $1,000 principal amount of Notes (the "Consent Payment"). If the Company is unsuccessful in consummating the Offer, PharmaNet intends to issue equity securities and to use the proceeds to redeem up to 35% of the Notes using the "equity claw" and to redeem the remaining outstanding Notes at the "make whole" premium.

Holders who validly tender their Notes after the Consent Payment Deadline, but on or prior to the Expiration Time, shall receive the tender offer consideration equal to $1,197.75 per $1,000 principal amount o
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SOURCE PharmaNet Development Group, Inc.
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