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INC Research to Acquire Kendle International for $15.25 per Share in Cash
Date:5/4/2011

CINCINNATI and RALEIGH, N.C., May 4, 2011 /PRNewswire/ -- INC Research, LLC, a therapeutically focused global contract research organization (CRO) privately held by Avista Capital Partners and Ontario Teachers' Pension Plan, and Kendle International Inc. (Nasdaq: KNDL), today jointly announced a definitive merger agreement under which INC Research will acquire Kendle in an all-cash transaction with a total equity value of approximately $232 million.  Kendle is a leading global CRO with extensive expertise in Phase I-IV clinical development and more than 3,000 associates in 31 countries worldwide.

Under the terms of the agreement, INC Research will acquire all of the outstanding shares of Kendle for $15.25 per share in cash, representing a 60.5 percent premium over Kendle's closing share price on May 4, 2011. This represents a premium of 51.3 percent over the 30-trading day average of Kendle's closing price.  The Board of Directors of Kendle unanimously approved the transaction, which is expected to close in the third quarter subject to approval by Kendle's shareholders as well as satisfaction of customary closing conditions and regulatory approvals.

"Joining forces with INC Research is the right decision for our customers and shareholders.  Combining our highly complementary assets will provide the scale and scope for the combined company to deliver outstanding global teams, therapeutic expertise and operational excellence for clinical trials of all sizes," said Kendle President and CEO, Stephen Cutler, PhD.  "Because both companies are known for conducting high-quality clinical work and share a common culture based on excellent service delivery, we will be able to maintain a customer-centric focus on each individual project."

"The combination of INC Research and Kendle will enable us to deliver broader capabilities and reach a critical mas
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SOURCE Kendle International Inc.
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