RESEARCH TRIANGLE PARK, N.C. - December 22, 2000 - Quintiles Transnational Corp. (Nasdaq: QTRN), a global leader in pharmaceutical services, today announced the completion of its acquisition of Pharmacia Corporation's clinical development unit in Stockholm, Sweden. The previously announced transaction, which becomes effective January 1, 2001, provides for Quintiles to receive a total of $65 million of revenue over a period of four years for continued support and completion of ongoing and future Pharmacia development projects.
The agreement includes the employment by Quintiles of more than one hundred Pharmacia employees based in Stockholm. The transferring employees will become part of Quintiles' Swedish operations, which will include managing Pharmacia projects as well as projects for other Quintiles pharmaceutical customers.
The acquisition follows a plan previously announced by Pharmacia to set a new strategic direction for its Research and Development operations in Sweden, including the transfer of clinical development resources to an external company.
"We are pleased to have been selected by Pharmacia for this important acquisition," said Ludo Reynders, Chief Executive Officer, Clinical Development Services, Quintiles. "We have the experience and expertise required to build upon the strong foundation of the Stockholm clinical development unit, and we are eager to continue our growing relationship with Pharmacia. Forging long-term relationships, developing new ways of doing business and responding quickly to meet our customer needs are essential in today's pharma environment."
The acquisition gives Quintiles additional strength in clinical pharmacology, clinical research, biostatistics and data management, ophthalmology, growth hormones, cardiovascular medicine, and urology, among others.
Quintiles Transnational is the world's leading provider of information, technology and services to bring new medicines to patients faster and improve healthcare. Headquartered near Research Triangle Park, North Carolina, Quintiles employs a global workforce of 19,000 in 38 countries. Quintiles Transnational is a member of the S&P 500 and Fortune 1000. For more information visit the company's 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, actual operating performance, the ability to attract business to the new facility and transition it from a captive facility to a market facility, and the ability to maintain large client contracts or to enter into new contracts. 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.