inVentiv Health To Acquire PharmaNet
inVentiv Healthannounced it has signed a definitive agreement to purchase PharmaNet Development Group. Financial terms of the transaction were not disclosed.
With the addition of PharmaNet, inVentiv will extend its global presence to nearly 40 countries and enhance both its early- and late-stage clinical development capabilities. In conjunction with its previously announced agreement to acquire i3, another contract research organization (CRO), the company will be in a position 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, including in the emerging markets of Asia, Latin America, and Central/Eastern Europe. The acquisitions will give inVentiv greater opportunities for growth as pharmaceutical companies continue to increase outsourcing to enhance flexibility and lower fixed costs.
PharmaNet offers comprehensive drug development capabilities 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.
BofA Merrill Lynch, Citi and Jefferies Finance LLC provided financing commitments to inVentiv Health to support the transaction. In connection with the transaction, Ropes & Gray LLP acted as legal advisor to inVentiv Health, Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to PharmaNet, Jefferies & Company, Inc. and UBS Securities, LLC acted as financial advisors to PharmaNet, and Jefferies & Company, Inc. acted as financial advisors to JLL Partners. The transaction is subject to customary closing conditions and is anticipated to close on or about June 30, 2011.
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