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inVentiv Health aquires PharmaNet

Contract research organisation inVentiv Health has completed the acquisition of PharmaNet Development Group, a global drug development service provider to the pharma sector

Contract research organisation (CRO) inVentiv Health has completed the acquisition of PharmaNet Development Group, a global drug development service provider 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 organisations (CRO) worldwide, with clinical segment annual revenue of $900m. The organisation will have more than 6,000 employees dedicated to clinical research in almost 40 countries, including growth markets in Asia, Latin America, and central and eastern Europe. 

Overall, inVentiv Health will have annual revenues of nearly $2bn and more than 13,000 employees worldwide across its three business segments: Clinical, Commercial and Consulting.

"Growth in the CRO marketplace is fuelled by pharmaceutical and biotech clients who are looking to gain flexibility and efficiency through outsourcing," said Paul Meister, CEO 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,"  Meister continued.

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. 

Jeffrey P McMullen, CEO 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 organisations 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.  

14th July 2011

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