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

P. McMullen, President and Chief Executive Officer of PharmaNet, said, "Our team is fully committed to continuing to grow our business and executing on the future opportunities that this combined offering provides to both our customers and employees."

Mr. McMullen, who will lead inVentiv's CRO businesses, added that he chose to work with inVentiv because the organizations share the same client-centric approach and strong therapeutic expertise in oncology, rheumatology and neuroscience, as well as in clinical technologies. Together, inVentiv's combined and expanded global reach will better address customers' growing clinical needs.  "In the day-to-day operations, little will change.  We will continue to provide the same level of exceptional service that our clients have come to expect of us."  

PharmaNet offers comprehensive drug development capabilities and expertise in Phase I through IV clinical trials, bioanalytical services, pharmaceutical and regulatory consulting, and staffing coupled with strong therapeutic expertise. About half of PharmaNet's revenue is generated outside the United States.

"In the evolving global market, scale is a key competitive advantage to developing strategic relationships with our clients. This acquisition allows us to achieve critical scale while providing enhanced services to our clients any time they need them, anywhere in the world," Meister said.

The expanded clinical services offering complements inVentiv's world-class global consulting and commercial capabilities.  For clients, the cross-functional, global expertise means that inVentiv will be the company to turn to when looking to develop a new compound, create a winning business strategy, or successfully commercialize a product anywhere in the world.  

BofA Merrill Lynch, Citi and Jefferies Finance LLC provided financing commitments to inVentiv Health to support the transaction. In connection with the transaction, Ro
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