inVentiv Health, offering best-in-class clinical, commercial and consulting services to the healthcare industry, today announced it has completed the acquisition of PharmaNet Development Group, Inc., 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.
The acquisition makes inVentiv one of the top contract research organizations (CRO) worldwide, with clinical segment annual revenue of $900 million and more than 6,000 employees dedicated to clinical research in nearly 40 countries, including growth markets in Asia, Latin America, and central and eastern Europe. Overall, inVentiv Health will have annual revenues of nearly $2 billion and more than 13,000 employees worldwide across its three business segments: Clinical, Commercial and Consulting.
“Growth in the CRO marketplace is fueled by pharmaceutical and biotech clients who are looking to gain flexibility and efficiency through outsourcing,” said Paul Meister, Chief Executive Officer of inVentiv Health. “inVentiv is well positioned to serve the diverse needs of the marketplace—from smaller biotechs to the largest global enterprises, at any stage of clinical development, anywhere in the world.”
inVentiv’s Clinical segment offers a full suite of services that support bioanalysis, Phase I (first-in-human) studies and Phase II through Phase IV (post-launch) clinical trials. It offers those services across an array of therapeutic areas, including oncology, neuroscience/pain, rheumatology, infectious disease, cardiovascular, endocrinology and metabolic disease. Depending on client need, inVentiv can manage a completely outsourced clinical trial, or it can provide functional support to in-house trials in such areas as clinical trial management and monitoring, data management, biostatistics solutions, regulatory consulting, safety and pharmacovigilance, and patient and investigator recruitment.
Jeffrey P. McMullen, Chief Executive Officer of PharmaNet, who will lead inVentiv’s Clinical segment said, “PharmaNet employees are excited to join forces with inVentiv. As we think about our expanded capabilities, one thing won’t change: our focus on servicing customers. Our combined organizations offer clients expanded global resources and scale, a broad suite of outsourced services, extensive therapeutic expertise and a proven track record of high quality work.”
PharmaNet is inVentiv’s third acquisition in 2011. In February, inVentiv added Campbell Alliance to its Consulting segment. In June, the company acquired i3, another leading CRO. inVentiv is organized in three segments aligned with how customers purchase clinical, commercial and consulting services. The company’s cross-functional, global expertise positions it as the partner-of-choice for clients developing new compounds, creating winning business strategies or bringing products to market anywhere in the world.
Meister added, “We now have an unparalleled depth and breadth of expertise and services to accelerate performance for pharmaceutical, biotechnology and medical device companies by bringing promising ideas to commercial reality.”
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