RESEARCH TRIANGLE PARK, NORTH CAROLINA - July 3, 1997 - Quintiles Transnational Corp. (Nasdaq: QTRN) announced today that it has completed the previously announced acquisition of CerebroVascular Advances, Inc. (CVA), a clinical research company that is a leader in stroke clinical trials.
In a pooling of interests transaction, Quintiles acquired CVA in exchange for approximately 234,000 shares of Quintiles stock and for options to purchase approximately 17,000 shares of Quintiles stock.
The transaction is expected to be neutral or slightly accretive to Quintiles' 1997 earnings per share.
CVA, based in San Antonio, Texas, recorded net revenue of $4.5 million and net income of $1.3 million in 1996. The organization will remain based in San Antonio and be named Quintiles CVA, a part of Quintiles CNS, which specializes in contract research for central nervous system drug development.
Quintiles has entered into employment agreements with members of CVA's management group, including David Edwards, Senior Vice President, and Mike Dwyer, Vice President.
"The addition of CVA substantially deepens Quintiles' therapeutic speciality capabilities in stroke research," said Dennis Gillings, Ph.D., Chairman and Chief Executive Officer of Quintiles Transnational Corp. "With aging populations in many countries, we believe more resources will be devoted to develop drugs to prevent or counteract stroke."
Quintiles CVA offices are located at 9901 1H 10 West, Suite 400, San Antonio, Texas 78230. Phone: 210-697-2200. Fax: 210-697-2203.
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 65 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 of the combined businesses 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 costs of combining the businesses. 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.