Research Triangle Park, NC - July 31, 1996 - Quintiles Transnational Corp. (Nasdaq: QTRN) announced today the signing of a non-binding letter of intent to acquire BRI International, Inc., a global contract research organization based in Arlington, Va. If completed, the acquisition of BRI International is expected to enhance Quintiles' resources and expertise in the areas of medical devices, good manufacturing practices (GMP), and worldwide clinical and data management services.
The letter of intent contemplates an exchange of 100% of BRI stock for 1.9 million shares of Quintiles stock. The intention is to complete the deal as a pooling of interests. The proposed agreement is subject to negotiation and execution of a definitive agreement and other approvals.
BRI International, with 445 employees in the U.S. and Europe, provides a broad range of services to the pharmaceutical, biotechnology and medical device industries. Founded in 1971, the company is among the world's 10 largest contract research organizations (CRO) and is the largest medical device CRO. BRI's net revenues for the fiscal years ending November 30, 1995 and November 30, 1994 were respectively, $42.6 million and $28.6 million.
"Subject to a final agreement, this acquisition would significantly enhance Quintiles' resources in the area of medical devices and regulatory consulting," said Dennis Gillings, Ph.D., Chairman and Chief Executive Officer of Quintiles. "The addition of BRI would expand our ability to meet the global needs of the pharmaceutical, biomedical and medical device industries. BRI enjoys an excellent reputation in theUnited States and Europe, and we would be delighted to add them to the expertise and global resources of the worldwide Quintiles family."
Frank L. Hurley, Ph.D., BRI's Chairman and Chief Scientific Officer, said, "Joining with Quintiles would expand our ability to provide services on a global basis while achieving greater operating efficiencies.BRI's strengths in medical device development and good manufacturing practices would immediately enhance Quintiles' services in those areas." BRI has five offices in the U.S. in addition to its headquarters in Arlington, and operates three offices in the United Kingdom, two in Belgium and one in France.
Quintiles' worldwide services encompass health care product development and health care information management. Quintiles offers globally integrated research and development and strategic consulting services to pharmaceutical, biotechnology, medical device and health care management companies as well as to local and national governments. The company's core competencies include clinical research, data management, and consulting on health care policy, disease management and regulatory issues. Quintiles is headquartered near Research Triangle Park, NC, and has 41 operating units in 19 countries.