RESEARCH TRIANGLE PARK, N.C. - October 12, 1998 - Quintiles Transnational Corp. (Nasdaq: QTRN) announced today the acquisition of Simirex Inc. and Simirex International Ltd., which provide clinical packaging services for the pharmaceutical industry.
Simirex offers clinical packaging services to support the clinical trials industry, including primary packaging in bottles and blister packs, blister card design, label design and printing, encapsulation, management of controlled substances, storage and inventory management, shipping and drug returns.
Quintiles acquired Simirex in exchange for Quintiles stock in a pooling of interests transaction that is expected to be neutral to slightly accretive to Quintiles' earnings per share. Simirex will be integrated into the CRO Services Group of Quintiles Transnational Corp. as a specialty business unit.
"The acquisition of Simirex significantly expands our U.S. clinical trials packaging capability and complements our facilities in Europe for global clinical trials, " said Jim Ogle, Chief Operating Officer, Quintiles CRO. "Lack of availability of a drug is a common reason for the delay of the start of a clinical trial. By having the capabilities to package clinical trial materials in the U.S., Quintiles can better control the availability of drugs and keep customers' projects on track."
Simirex, previously privately held, is headquartered in Mount Laurel, New Jersey, where it has a 90,000-square-foot facility housing about 100 employees. This facility complements the extensive packaging facilities already owned by Quintiles in Bathgate and Edinburgh, Scotland, and ensures that Quintiles can effectively service customer needs in both Europe and the United States. Peter Bernardo Ph.D., will continue to lead Simirex as its Chief Operating Officer.
"Our strong U.S. presence is very much a mirror image of the existing European Quintiles service offering. Combining our expertise and activities makes sound economic sense and presents our customers with a more global and responsive presence," said Dr. Bernardo.
The Simirex main office is at 12000 Commerce Parkway, Mount Laurel, NJ 08054. Tel: 609 235-2333, Fax: 609 727-0924.
Quintiles Transnational Corp. is the market leader in providing a full range of integrated product development and marketing services to the pharmaceutical, biotechnology and medical device industries. Quintiles also provides healthcare policy consulting and health information management services to healthcare and governmental organizations worldwide. Quintiles is headquartered near Research Triangle Park, North Carolina. With 14,000 employees worldwide and offices in 29 countries, Quintiles operates through specialized work groups dedicated to meeting customers' individual needs. Visit our web site at www.quintiles.com.
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, its Form 8-Ks, and its other periodic reports, including Form 10-Q, exhibit 99.01.