New Investor Partnership Co-led by Founder and CEO Dennis Gillings, Bain
Capital and TPG
RESEARCH TRIANGLE PARK, N.C., Dec. 21 /PRNewswire/ -- Quintiles Transnational Corp. today announced the formation of a new investor partnership to support the company's continued growth under the leadership of current Chairman and CEO Dennis Gillings, CBE, and the management team. Gillings and global private investment firms Bain Capital and TPG Capital are the lead investors in the partnership, with 3i also becoming a significant investor. Temasek Holdings remains an investor in Quintiles.
As part of the transaction, One Equity Partners (OEP), the private equity arm of JPMorgan Chase (NYSE: JPM), will sell its stake in the company to the new investor partnership. OEP, with Gillings, led the original acquisition of Quintiles along with TPG Capital in September 2003. Terms of the transaction, expected to close in January 2008, were not disclosed, and the company said it is incurring no new debt as a result of the deal.
"Our new investor partnership is a strong reinforcement of Quintiles' brand and growth strategy," Gillings said, "and has been spurred by our record performance. We are pleased to move forward with our financial partners Bain Capital, TPG, 3i and Temasek. The strength of our capital structure and partnership with these leading global investors underscore our unsurpassed ability to bring innovative solutions to the pharmaceutical and biotech industries. I also want to thank One Equity Partners for their contributions over the past four years."
Jonathan Coslet, a Partner at TPG, said: "We are pleased to remain
Quintiles' partner through the next stage of its growth in helping pharma
|SOURCE Quintiles Transnational Corp.|
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