ICON agrees to acquire BeijingWits

ICON plc, (NASDAQ: ICLR; ISIN: IE0005711209), a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, today announced that it has agreed, subject to closing conditions, to acquire BeijingWits Medical Consulting Ltd., a leading CRO in China. The transaction is expected to close in the first quarter of 2012.

BeijingWits offers full-service clinical development capabilities and has a strong track record in clinical trial execution in China. The company is a renowned expert in Chinese regulatory processes and a leading advocate of ICH GCP in China. In addition to boosting ICON's service capabilities in the region, BeijingWits will also strengthen ICON's presence through the addition of over 100 highly qualified and experienced professionals in Beijing, Shanghai, Chengdu, Guangzhou, Wuhan and Hong Kong.

"The acquisition of BeijingWits is a further step in our on-going expansion in China and the greater Asia-Pacific region," commented Ciaran Murray, CEO, ICON plc. "An increasing number of our global clients are looking to undertake research in China and local companies are also placing more emphasis on R&D, which has resulted in growing demand for local clinical trial expertise. BeijingWits brings to ICON a strong leadership team, experienced staff and good relationships with local investigator sites and regulatory bodies."

"We are delighted to be joining with ICON," commented Dr. Yan Bin Xie, General Manager and founder of BeijingWits Medical Consulting Company. "The clinical research market in China is at an exciting stage and combining our local knowledge with ICON's global infrastructure and experience will offer clients a formula for successful clinical development. ICON has strong growth plans for China and Asia-Pacific and we look forward to playing a leading role in helping them achieve these goals."

Source: ICON plc