RESEARCH TRIANGLE PARK, NC - February 16, 1996 - Quintiles Transnational Corp.(Nasdaq:QTRN) announced today that it has completed the previously announced acquisition of PMC Contract Research AB located in Uppsala, Sweden. The acquisition expands Quintiles' ability to provide drug development services in Scandinavia and positions the company for further growth in that region. Quintiles is a worldwide drug development firm that provides a full range of contract research services to the pharmaceutical and biotechnology industries.
Under the terms of the agreement, which was completed yesterday in Sweden, Quintiles acquired 100% of the stock of PMC Contract Research AB for approximately 273,000 shares of Quintiles Common Stock and about $1.3 million in cash. The transaction will be accounted for as a pooling of interests. The distribution of the common stock has been completed and this announcement appears as a matter of record only.
PMC, the largest contract research organization in Sweden, employs 50 staff. The company manages clinical trials and has a Phase I clinical trial testing unit and an analytical laboratory.
"The acquisition of PMC is a good strategic fit for Quintiles," said Dennis Gillings, Ph.D., Chairman and Chief Executive Officer of Quintiles. "Demand for our drug development services in Scandinavia is growing and PMC will help fill that need as they are the leading contract research company in Sweden. We are very pleased to welcome the quality staff at PMC to our global organization."
Bengt Dahlstrom, Ph.D., President and CEO of PMC Contract Research AB, said, "We are excited about becoming part of Quintiles and believe the synergies between our two organizations will facilitate the strategic development and growth of our operations. Both groups are dedicated to quality research and are client-focused."
Quintiles is headquartered near Research Triangle Park, NC, and has 34 operating units in 16 countries. The company's professional services include clinical trials and data management, biostatistical analysis, formulation and packaging of drugs for clinical trials, centralized clinical trial laboratory services, preclinical and Phase I testing, study design, strategic and regulatory consulting, and health economics.