Research Triangle Park, NC - June 11, 1997 - Quintiles Transnational Corp. (Nasdaq: QTRN) today announced that it has signed a letter of intent to form a joint venture with Core Healthcare Limited, an India-based healthcare company, to offer clinical trial management services in India.
The joint venture company, Quintiles Spectral Limited, will provide clinical trials management services to Indian pharmaceutical companies and international clients. The ownership of Quintiles Spectral Limited, which will be evenly split between both parties, is expected to be structured through subsidiaries or affiliates of both companies.
"Increased access to modern healthcare products and drug development services are high priorities for India and its 1 billion citizens," said Dennis Gillings, Ph.D., Chairman and Chief Executive Officer of Quintiles Transnational Corp. "This joint venture gives us the opportunity to serve the pharmaceutical sector in India and to incorporate India into our global network of contract drug development services."
"For the first time, Indian drug companies will have local access to the clinical trials management services of a major global contract pharmaceutical organization," said Ferzaan Engineer, Chief Executive Officer for the joint venture. Engineer, who holds a doctorate in pharmaceutical sciences from the University of South Carolina College of Pharmacy, added, "This is expected to help Indian clients register their products and satisfy the stringent requirements of international regulatory agencies."
The joint venture offices are located at 3 Ashoknagar Bungalows, Behind Sundarvan, Satellite Road, Ahmedabad 380 954, India. Phone: 91-79-6746303. Fax: 91-79-6746311.
Core Healthcare Limited, a medical supplier, has strong relationships with the medical community in India and is recruiting suitable professional staff for Good Clinical Practice training by Quintiles.
Quintiles Transnational Corp. is the market leader in providing full-service contract research, sales and marketing services to the worldwide pharmaceutical, biotechnology and medical device industries, and provides healthcare policy consulting and health information management services to the healthcare industry. Quintiles is headquartered near Research Triangle Park, North Carolina, and has more than 8,000 employees in 63 operating units in 22 countries.
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 to penetrate new markets, the ability of the joint venture business to be integrated with Quintiles' current operations, actual operating performance, the ability to maintain large client contracts or to enter into new contracts, and the actual cost of the joint venture. Additional factors that could cause actual results to differ materially are discussed in the company's recent filings with the Securities and Exchange Commission, including but not limited to its S-3 and S-4 Registration Statements, its Annual Report on Form 10-K and its periodic reports.