RESEARCH TRIANGLE PARK, N.C. and PRINCETON, N.J. - June 12, 2001 - Quintiles Transnational Corp. (Nasdaq: QTRN) and Care Capital LLC today announced the formation of a strategic alliance to provide life science companies with a broad range of operating, technical, scientific and investment support.
The alliance combines the investment and managerial expertise of Care Capital, a life sciences investment fund founded by former SmithKline Beecham Chief Executive Officer Jan Leschly, and the global resources, drug development and marketing expertise of Quintiles Transnational, the world's leading pharmaceutical services company.
"Our strategic alliance with Care Capital reflects what I believe is the emerging model of 21st century drug development - custom-fitting resources and expertise to meet the needs of individual companies and products," said Quintiles Transnational Chairman Dennis Gillings, Ph.D. "Jan Leschly has an all-star team of experts at Care Capital. I'm excited by the opportunities this partnership offers in helping bring better healthcare to people around the world."
Leschly said: "I have personally seen the value that Quintiles adds to the drug development process. When I formed Care Capital last year, I envisioned allying with 'best in breed' organizations so that we could provide a unique portfolio of investment and operational expertise. This alliance with Quintiles is a significant addition to Care Capital's range of relationships and resources."
As part of the strategic alliance, Care Capital will utilize Quintiles' unique product development and marketing services to assist companies in which Care Capital is investing. In addition, Quintiles will become a co-investor to Care Capital through a limited partnership established between Quintiles' corporate ventures group, PharmaBio Development, and Care Capital.
Quintiles and Care Capital will work together to explore opportunities for investment in companies that are planning initial public offerings within one to two years, and for start-up companies with promising products or technology. The companies also will work together to provide operational, managerial, technical and scientific expertise to those companies.
About Care Capital
Care Capital is an investment firm focusing on opportunities in life sciences, particularly companies involved in pharmaceuticals, biotechnology and emerging science and information technology serving the life sciences industry. Care Capital invests from committed funds and through a co-investment arrangement with Morgan Stanley Private Equity and Rho Management. Care Capital's principals are Jan Leschly, John Parker and David Ramsay. Dr. Jerry Karabelas, the former CEO of worldwide pharmaceuticals for Novartis AG, Dr. George Poste, CEO of Health Technology Networks, Tamar Howson, formerly SVP of Worldwide Business Development of SmithKline Beecham, Jean-Pierre Millon, former President and CEO of PCS Health Systems, and Dr. Steven Bencovic, Evan Pugh Professor of Chemistry at Penn State University are also senior advisors and investors in Care Capital. For more information visit Care Capital's web site at www.carecapital.com.
About Quintiles Transnational and PharmaBio Development
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 18,000 in 39 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. PharmaBio Development is the corporate ventures group of Quintiles Transnational Corp. that is dedicated to innovative partnering solutions for pharmaceutical and biotech companies.
Information in this press release contains "forward-looking statements" regarding Quintiles that involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the risk that the market for our products and services will not grow as we expect, the risk that PharmaBio transactions will not generate revenues or profit at the rate or levels we anticipate, our ability to efficiently distribute backlog among therapeutic business units and match demand to resources, actual operating performance, the ability to maintain large client contracts or to enter into new contracts, changes in trends in the pharmaceutical industry, and the ability to operate successfully in new lines of business. 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 Annual Report on Form 10-K, its Form 8-Ks, and its other periodic reports, including Form 10-Qs.