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OEP sells Quintiles stake for over USD 3bn

One Equity Partners is in the process of selling its stake in contract research organisation Quintiles for a reported sum of over USD 3bn

One Equity Partners (OEP), the private equity arm of JPMorgan Chase, is in the process of selling its stake in contract research organisation (CRO) Quintiles for a reported sum of over USD 3bn.

Quintiles announced that Global private investment firm Bain Capital will join as a new major investor, with UK private equity firm 3i Group also becoming a significant investor and existing investor. TPG Capital is contributing additional equity to the firm.

The deal is expected to close in January 2007, after which point Quintiles chairman and CEO Dennis Gillings, Bain Capital and TPG Capital will jointly operate as the lead investors in the company.

Another existing investor, Singapore's Temasek Holdings, along with 3i, will hold lesser stakes, although the exact make up of the new partnership has not been officially revealed by Quintiles.

Quintiles is the biggest CRO globally, with 14 per cent of the global market share, followed by Covance and PPD, holding 10 per cent each. The five largest CROs have increased their market share and now hold 45 per cent of the total market.

The total CRO market is now estimated at USD 14bn, and expected to grow at an annual rate of 14 to 16 per cent, to reach USD 24bn by 2010, according to market research firm Business Insights.

3rd January 2008

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