RESEARCH TRIANGLE PARK, N.C. - June 1, 1999 - Quintiles Transnational Corp. (Nasdaq: QTRN) today announced the acquisition of Minerva Medical plc, a Scotland-based clinical research organization with an international reputation for patient recruitment and management of large primary-care clinical trials involving chronic diseases through its strong network of physician relationships.
Based in Glasgow, Scotland, and with offices in Ireland and The Netherlands, Minerva works in close concert with leading academics and European investigator sites. This creates a powerful feedback loop for the generation of new, academically grounded proposals for clinical trials, and innovative protocol design and implementation for projects of high scientific and medical value.
In particular, Minerva has significant expertise in lipid and cardiovascular products and close working relationships with a network of distinguished academic opinion leaders in Cork, Ireland, Leiden, The Netherlands, and Glasgow, including Professor Jim Shepherd of the University of Glasgow, a pre-eminent expert in cardiovascular disease.
Minerva was responsible for the recruitment and follow-up of participants in the landmark West of Scotland Coronary Prevention Study (WOSCOPS). This study, reported in the New England Journal of Medicine, was the first to demonstrate the benefit of lowering cholesterol in patients with no history of heart disease. Minerva screened approximately 100,000 patients in 90 primary care sites over 20 months in order to enroll the 6,595 patients appropriate for this clinical study.
Founded in 1987 by Melvyn Percy, Minerva has about 120 employees. In addition to its excellent project management procedures, Minerva has developed highly accurate clinical trial modeling software to assess the feasibility of proposed studies and predict recruitment and completion timelines.
"Minerva enjoys an excellent reputation in a number of key therapeutic areas and is a world leader in the management of large scale, late-phase trials," said Ludo Reynders, Ph.D., Chief Executive Officer of Quintiles Product Development group. "A key to its success has been its collaboration with some of the world's pre-eminent therapeutic experts. This acquisition further expands Quintiles Product Development's offering in major primary care studies with high scientific and commercial value, in which it is the therapeutic experts themselves that are driving the process.
"Minerva's model for conducting its studies will accelerate our own programs to improve the quality and speed of clinical trials through advanced technologies and innovative study design and management in order to bring needed drugs to patients sooner."
Melvyn Percy, Managing Director of Minerva, said: "Our reputation is based in large part on our effective use of study nurses, technology and project management systems, which reduce recruitment time for studies. Joining Quintiles gives us expertise and support to expand our proven clinical trials model, both therapeutically and geographically. The informatics strategies of our two companies are certainly complementary, and we see the opportunity for realizing great synergies."
Quintiles acquired Minerva in exchange for Quintiles stock in a pooling of interests transaction that is expected to be neutral to Quintiles' earnings per share. Minerva will continue to operate under its own name as a specialty business unit of the Quintiles Product Development group.
Quintiles Transnational Corp. is the market leader in providing a full range of integrated product development and commercialization solutions to the pharmaceutical, biotechnology and medical device industries. Quintiles also is a leader in the electronic data interchange and healthcare informatics industry and provides healthcare policy consulting to governments and other organizations worldwide.
Headquartered near Research Triangle Park, North Carolina, Quintiles is a Forbes 400 and Fortune 1000 company and a member of the Nasdaq-100 Index. With more than 18,000 employees worldwide and offices in 31 countries, Quintiles operates through specialized work groups dedicated to meeting customers' individual needs.
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 recently combined businesses to be integrated with Quintiles' current operations, actual operating performance, the ability to operate successfully in new lines of business, 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-Qs.