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JLL Partners Announces Acceptance for Payment of Shares Tendered in PharmaNet Tender Offer and Commencement of Subsequent Offering Period
Date:3/20/2009

New York, March 20 /PRNewswire/ -- JLL Partners, a leading private equity investment fund ("JLL"), and PharmaNet Development Group, Inc., a leading provider of clinical development services (Nasdaq: PDGI) ("PharmaNet"), today announced the successful completion of the tender offer by JLL PharmaNet Holdings, LLC ("Parent"), through its wholly-owned subsidiary, PDGI Acquisition Corp. ("Purchaser"), for all of the outstanding shares of common stock of PharmaNet. Parent and Purchaser are affiliates of JLL and JLL Partners Fund VI, L.P., an investment fund managed by JLL (the "Sponsor").

American Stock Transfer & Trust Company, the depositary for the tender offer, has advised JLL that, as of midnight, New York City time, on March 19, 2009, the expiration date of the tender offer, a total of approximately 17,876,946 shares representing approximately 90.3 % of the outstanding shares of common stock of PharmaNet (in addition to 4,636,682 shares tendered under guaranteed delivery procedures), had been validly tendered and not withdrawn as of the expiration date. All validly tendered shares have been accepted for payment and JLL will pay for all such shares promptly.

JLL and PharmaNet also announced today that Purchaser would make available a subsequent offering period commencing immediately and expiring at midnight, New York City time, on March 27, 2009 for all PharmaNet shares not tendered into the offer prior to the March 19th expiration date. Stockholders who have already tendered their shares do not have to re-tender their shares or take any other action as a result of the subsequent offering period.

During the subsequent offering period, Purchaser will accept for payment and promptly pay for PharmaNet shares as they are tendered. Stockholders who tender shares during this period will receive the same $5.00 per
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SOURCE JLL Partners
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