RESEARCH TRIANGLE PARK, N.C. - October 29, 2002 - Quintiles Transnational Corp. (Nasdaq: QTRN) today announced the acquisition of a controlling interest in Health Research Solutions Pty Ltd, an Australian company specializing in multi-national late-phase clinical research.
Quintiles acquired its interest in privately held Health Research Solutions (HRS) for an undisclosed amount of cash. Headquartered in Melbourne and with an office in Sydney, HRS has approximately 24 full-time and 12 part-time staff.
Quintiles has entered into an employment agreement with HRS founder Hugo Stephenson, M.D., who will remain with HRS to help foster its continued growth as part of Quintiles Late Phase solutions. The expertise and innovative systems of HRS, which will be renamed Quintiles HRS, will further add to Quintiles' robust late-phase capabilities in the Americas, Europe, Asia-Pacific and South Africa, said Quintiles Transnational Chairman Dennis Gillings, Ph.D.
"HRS's expertise in late-phase clinical trial design and management helps pharmaceutical companies quantify the cost effectiveness of their products and identify advantages vs. competing products," Gillings said. "HRS's history of strong growth and customer loyalty is evidence of its ability to provide late-phase and market research solutions that can add significant value to the commercialization of prescription medicines.
"We believe late-phase research is a potential growth area. The addition of HRS is one part of Quintiles' global effort to expand delivery of high-quality late-phase services to our customers."
Founded in 1999 as a late-phase clinical research unit, HRS extended its services to include compliance programs, electronic data capture for clinical and market research, and specialized safety surveillance services. Since mid-2001, HRS has operated with Quintiles through a joint marketing agreement to deliver services in Australia, Southeast Asia, Latin America and Europe.
"This agreement further strengthens our productive relationship with Quintiles, which combines HRS's study design and technology expertise with Quintiles' global capabilities and infrastructure," Stephenson said. "Our key strengths are our ability to design strategic late-phase programs to improve commercial success, and rapid technology deployment to support those programs. By joining Quintiles, we now can better leverage these strengths globally."
HRS's main office address is 448 St. Kilda Road, Melbourne, phone: +61 3 9828 0800; fax: +61 3 9867 7388. Its Sydney office address is 4/263-269 Alfred St., North Sydney, phone: +61 2 9925 1300; fax: +61 2 9929 0444.
Quintiles Transnational helps improve healthcare worldwide by providing a broad range of professional services, information and partnering solutions for 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.
This press release contains "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially, including but not limited to the risk that the market for Quintiles' products and services will not grow as we expect, actual operating performance, the ability to maintain large client contracts or enter into new contracts, and changes in trends in the pharmaceutical industry. Additional factors that could cause actual results to differ materially are discussed in Quintiles' 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.