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PharmaNet Development Group Agrees to be Acquired by JLL Partners
Date:2/3/2009

this transaction provides meaningful value to our stockholders while providing the solution to address the outstanding convertible notes."

"PharmaNet Development Group is well-positioned as a leading provider of outsourced clinical development services with a global infrastructure and an excellent reputation," said Ramsey Frank, Managing Director of JLL. "We look forward to working with the management team to enhance the Company's growth prospects and expand its portfolio of services."

The Merger Agreement provides for JLL to acquire PharmaNet in a two-step transaction. The first step will consist of a cash tender offer for all outstanding shares of PharmaNet common stock at a price of $5.00 per share in cash. In the second step, the tender offer will be followed by a merger in which any untendered outstanding shares of PharmaNet common stock will be converted into the right to receive the same cash price per share paid in the tender offer.

UBS Investment Bank is acting as exclusive financial advisor to PharmaNet, and Morgan, Lewis & Bockius, LLP is acting as PharmaNet's legal counsel in the transaction. Latham & Watkins LLP is acting as legal counsel in the transaction to the PharmaNet Board of Directors.

Skadden, Arps, Slate, Meagher & Flom LLP is acting as JLL's legal counsel in the transaction.

About PharmaNet Development Group, Inc.

PharmaNet Development Group, Inc., a global drug development services company, provides a comprehensive range of services to the pharmaceutical, biotechnology, generic drug and medical device industries. The Company offers early and late stage consulting, Phase I clinical studies and bioanalytical analyses, and Phase II, III and IV clinical development programs. With approximately 2,500 employees and 41 facilities throughout the world, PharmaNet is a recognized leader in outsourced clinical dev
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SOURCE PharmaNet Development Group, Inc.
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