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inVentiv Health to Acquire PharmaNet
Date:5/17/2011

BURLINGTON, Mass., May 17, 2011 /PRNewswire/ -- inVentiv Health, offering best-in-class clinical, consulting and commercial services to the healthcare industry, today announced it has signed a definitive agreement to purchase PharmaNet Development Group, a recognized leader of global drug development services to the pharmaceutical, biotechnology, generic drug and medical device industries. Financial terms of the transaction were not disclosed.

With the addition of PharmaNet, inVentiv will extend its global presence to nearly 40 countries and greatly enhance both its early- and late-stage clinical development capabilities. In conjunction with its previously announced agreement to acquire i3, another leading contract research organization (CRO), inVentiv Health will be one of the world's top CROs and position the Company for accelerated growth in the $21 billion global pharmaceutical outsourcing industry.  

Following the acquisitions, inVentiv becomes a company with 13,000 employees in three divisions, Clinical, Commercial, and Consulting, with more than 6,000 employees dedicated to clinical research worldwide, including in the emerging markets of Asia, Latin America, and Central/Eastern Europe.  The acquisitions will provide inVentiv the scale and scope to participate in strategic alliances of any size, enhancing its ability to meet client needs. It will give inVentiv greater opportunities for growth as pharmaceutical companies continue to increase outsourcing to enhance flexibility and lower fixed costs.

"One of our key strategic objectives is to be recognized as the leader in every segment where we serve our clients," said Paul Meister, Chief Executive Officer of inVentiv Health.  "The acquisition of PharmaNet positions us among the top global CROs, increasing our capabilities, adding new expertise in every phase of clinical development, and strengthening our impressive client base and strong management team."

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