RESEARCH TRIANGLE PARK, N.C. - July 18, 2001 - Quintiles Transnational Corp. (Nasdaq: QTRN), a global leader in pharmaceutical services, today announced that it has signed an agreement with Solvay Pharmaceuticals that establishes a long-term relationship under which Quintiles will provide a substantial portion of Solvay's clinical development services.
Under the five-year agreement, Quintiles is expected to provide at least 40 percent of Solvay's outsourced clinical projects in year one and a minimum of 50 percent of Solvay's outsourced clinical projects over the following four years. Solvay intends to use Quintiles as a preferred provider over this initial five-year period. This non-exclusive agreement is effective immediately and is anticipated to generate significant revenues for Quintiles, dependent on the progress of Solvay's research and development portfolio and other factors.
The agreement follows a previously announced initiative by Solvay to refocus selected elements of the company's research and development work to specialized, highly skilled external partners with the expertise and flexibility to enhance Solvay's drug development efforts.
Quintiles has begun activities for Solvay on a global Phase III clinical program which Solvay announced earlier today.
"We are pleased to sign this preferred provider agreement with Quintiles," said Dr. Werner Cautreels, Solvay Pharmaceuticals head of global research and development. "Working with Quintiles raises our ability to progress our portfolio optimally and shorten development times. Their experience, skills, dedicated cutting-edge information technology capabilities and global network makes them a preferred provider of clinical trial services to us. Accessing their strong skills base complements and accelerates our ability to add value to our portfolio faster."
Ludo Reynders, Chief Executive Officer, Clinical Development Services, Quintiles, said: "We are pleased to be selected as a preferred provider to accommodate the changing needs of a mid-sized pharmaceutical company during this time of transformation in the pharmaceutical industry. We expect this to be a long-term arrangement, which will further demonstrate our expanding role from outsourcer to developing long-term customer relationships. Our global reach, combined with our broad therapeutic expertise, make us the right partner at the right time. We are eager to assume this very important role, and appreciate the confidence Solvay has in our capabilities and experience."
Under this agreement, Quintiles will provide a wide range of global services including clinical monitoring, data management, biostatistics, quality assurance and patient recruitment as well as clinical trial supply services and central laboratory services.
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 more than 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.
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 progress of Solvay's commercialization efforts, the extent to which Solvay chooses to use the services of Quintiles, the performance of services satisfactory to Solvay, regulatory review of Solvay's potential products and the actual term of the agreement. 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.