Research Triangle Park, NC - Nov. 22, 1996 - Quintiles Transnational Corp. (Nasdaq: QTRN) announced today that it has completed the acquisition of BRI International, Inc., an international contract research organization with approximately 500 employees.
Today's announcement comes one day after BRI stockholders formally approved the acquisition in a meeting at the company's headquarters in Arlington, Va. With the addition of BRI, which has offices in the United States, United Kingdom, Belgium and France, Quintiles now has about 3,400 employees in 52 operating units in 20 countries.
"We're extremely happy to have BRI as part of the Quintiles family," said Dennis Gillings, Ph.D., Chairman and CEO of Quintiles. "This significantly expands the breadth and depth of our services, both geographically and functionally."
Quintiles acquired BRI through an exchange of all of BRI's stock for approximately 1.9 million shares of Quintiles stock, with the transaction accounted for as a pooling of interests. Founded in 1971, BRI ranked among the world's 10 largest contract research organizations (CRO) and was the largest medical device CRO.
Quintiles has entered into employment agreements with members of BRI's management group, including Frank L. Hurley, Ph.D., its Chairman and Chief Scientific Officer (CSO). In his new role as Quintiles' CSO, Hurley will be responsible for serving clients as senior scientific officer during the drug development process and will lead initiatives to improve clinical procedures involved in drug development.
"I'm excited that we're now officially a part of Quintiles and can get started on maximizing the synergies we expect to be created by this deal," Hurley said. "Both Quintiles and BRI have built strong reputations and client loyalties. Now we expect to operate with greater efficiencies and offer clients an expanded array of services.
In addition, BRI President and CEO Jim Ogle has been named President of Quintiles Americas, a part of Quintiles' worldwide Contract Research Organization (CRO) division.
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, reflecting a 49 percent growth rate. Among its other services, BRI offers the world's largest outsourcing capability to the medical device industry. The acquisition of BRI could add up to 5 cents to Quintiles' earnings per share in 1997. As previously announced, Quintiles expects to take a one-time charge in the fourth quarter of 1996 of approximately $4.8 million related to the transaction.
Quintiles' worldwide services encompass healthcare product development and information management Quintiles offers globally integrated research and development and strategic consulting services to pharmaceutical, biotechnology, medical device, and healthcare management industries, as well as to local and national governments. The company's core competencies include clinical research and data management, and consulting on healthcare policy, disease management and regulatory issues. Quintiles is headquartered near Research Triangle Park, NC.
Information in this press release contains "forward-looking statements." These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the ability of the combined businesses to be integrated with Quintiles' current operations, actual operation performance, the ability to maintain large client contracts or to enter into new contracts, and the actual costs of the combining of the businesses. Additional factors that could cause actual results to differ materially are discussed in the company's recent Form 10-Q for the third quarter and other filings with the Security and Exchange Commission.