RESEARCH TRIANGLE PARK, N.C. and SAN FRANCISCO - May 20, 2002 - Quintiles Transnational Corp. (Nasdaq: QTRN) and McKesson Corporation (NYSE: MCK) today announced that they have completed formation of a healthcare informatics joint venture, named Verispan, L.L.C., which is the nation's leading provider of patient-level, longitudinal data. The companies previously announced their intent to form the venture on March 18, 2002.
McKesson and Quintiles are co-equal owners of Verispan, with a portion of equity owned by or to be allocated to key providers of de-identified healthcare data who join the venture. McKesson and Quintiles expect to be users and early adopters of Verispan's products and services as part of their core services to healthcare and pharmaceutical companies.
Verispan includes the advanced patient-level data products business and sales force analysis capabilities of Quintiles Informatics, and McKesson's robust data and data-provider relationships. In addition, Verispan combines three of the top names in the U.S. healthcare information market -- Scott-Levin and SMG Marketing Group from Quintiles and Kelly/Waldron from McKesson.
The new company will build on the strong existing relationships McKesson and Quintiles have with most of Verispan's target customers: pharmaceutical, biotech and medical-surgical companies; pharmacies; hospitals; payors; and government healthcare organizations.
"I believe Verispan will offer significant benefits to organizations seeking fast, actionable data about how medicines are used to treat disease at the patient level," said Quintiles Transnational Chief Executive Officer Pam Kirby, Ph.D. "Every stakeholder in the healthcare system benefits when more insightful, accurate and timely data are available to help make better decisions faster."
McKesson Supply Solutions President Paul Julian said: "Formation of this venture marks what I believe is a significant milestone in improving the quality and efficiency of healthcare through the use of de-identified patient-level data. I'm eager to see Verispan's unique data products widely applied to bring clarity and insight into diseases, treatments and outcomes."
Several major data providers have contracted to provide de-identified prescription or medical data to the venture. In total, Verispan has secured rights to more than 1 billion U.S. retail pharmacy transactions and about 275 million electronic medical transactions annually. The company has licensed its data products to McKesson and Quintiles for use in their core businesses.
Greg Porter, formerly chief executive officer of Quintiles Informatics, is CEO of Verispan. Peter Castagna, formerly president of the Acute Care division of McKesson's Medical-Surgical group, is chief operating officer. Verispan's corporate offices are in Newtown, Pa.; phone 866 270 8426. For more information visit Verispan's Web site at www.verispan.com.
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About McKesson Corporation
McKesson Corporation is the leading provider of supply, information and care management products and services designed to reduce costs and improve quality across healthcare. McKesson solutions empower healthcare professionals with the tools they need to deliver care more effectively and efficiently. Founded in 1833, with annual revenues of more than $50 billion, McKesson ranks as the 31st largest industrial company in the United States.
Except for the historical information contained herein, the matters discussed in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties that could cause actual results to differ materially from those projected. These statements may be identified by their use of forward-looking terminology such as "believes," "expects," "may," "should," "intends," "plans," "estimates," "anticipates" and similar words. The most significant of these risks and uncertainties are described in the Company's Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission and include, but are not limited to: the resolution or outcome of pending litigation and government investigations relating to the Company's previously announced financial restatement ("Restatement"); the effect of the events relating to, or arising out of, the Restatement on the Company's ability to attract and retain employees and management; the changing U.S. healthcare environment, including potential changes in private and governmental reimbursement for healthcare products and services, the method by which such products and services are delivered, legislation or regulations governing such products and services, or mandated benefits or changes in manufacturer's pricing or distribution policies; substantial defaults in payment or a material reduction in purchases by large customers; the ability of the Company's Information Technology Business to retain existing customers and to attract new customers in light of rapid technological advances, challenges in integrating the Company's software products, or the slowing or deferral of demand for such products resulting from the impact of current or pending government regulations; and the Company's ability to successfully integrate and operate acquired businesses, and manage the risks associated with such businesses, including the acquisition that created McKesson. The Company assumes no obligation to update information contained in this release.
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About Quintiles Transnational Corp.
Quintiles Transnational helps improve healthcare worldwide by providing a broad range of professional services, information and partnering solutions to the pharmaceutical, biotechnology and healthcare industries. Headquartered near Research Triangle Park, North Carolina, Quintiles 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" about Quintiles. These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the ability of the joint venture to complete development and commercialization of new products, the cost and timing of bringing new products to market compared with revenues which may be generated by them, market acceptance, that the joint venture's data products business remains subject to contracts and state and federal laws and regulations, and its ability to secure and maintain adequate data sources. Additional factors that could cause actual results to differ materially, including with respect to data products, 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.