Printer Friendly

QUINTILES RECEIVES $11 MILLION EQUITY INVESTMENT

 RESEARCH TRIANGLE PARK, N.C., Sept. 23 /PRNewswire/ -- Quintiles Transnational Corporation announced today that it received an equity investment of $11 million for continued acquisition and expansion of the contract research organization. Oppenheimer Global Fund, Morgan Stanley Venture Capital Fund L.P., and Oppenheimer Bio-Tech Fund together provided funding in exchange for common stock in the privately held company. Thompson Clive Funds, one of the initial institutional investors, also participated in the transaction by adding to their existing holdings.
 Quintiles specializes in evaluating new pharmaceuticals and medical devices for major drug and device manufacturers. Recent focus on costs for pharmaceutical products has led companies to rely increasingly on firms like Quintiles when it is more efficient than staffing-up in-house development efforts. Quintiles has worked for 30 of the top 50 multinational pharmaceutical companies.
 "This investment allows Quintiles to continue its growth while maintaining the profitable operations it has already developed," commented Dr. Dennis Gillings, chairman and CEO of Quintiles. "Our business is in a high-growth period, and with healthcare reform here, we see our services to the health care industry as critical today as ever. We will use these funds for future acquisitions and further expansion of our offices in Japan and Australia."
 Combined with investment funding by other groups, this placement brings outside ownership of the company to approximately 25 percent. Dr. Gillings and employees of Quintiles retain the remainder of the company's stock.
 Recent Quintiles acquisitions include International Clinical Research Corporation, a U.S.-based clinical research company specializing in central nervous system research, and Toxicol Laboratories Ltd., a contract preclinical laboratory located in the U.K. After 11 successive years of consistent growth in both revenues and net profits, Quintiles plans continued international expansion during the 1990s.
 Quintiles recently announced it was awarded a $6.9 million research contract by the U.S. Food and Drug Administration. The company provides a full range of product development services, from preclinical through postmarketing research, for pharmaceutical, biotechnology, and medical device clients. With 800 employees worldwide, Quintiles offers expertise in all phases of drug development through a network of regional operations centers located in Europe, North America, and the Pacific Rim. Known for scientific and technological innovation, Quintiles has a high-capacity wide area computer network linking offices for communication, transnational data management and integrated regulatory submissions.
 -0- 9/23/93
 /CONTACT: Sara Creagh, executive vice president, or Rachel Selisker, chief financial officer/vice president-finance, 919-941-2888, both of Quintiles Transnational Corporation; or Brad Miles of Ted Klein & Company, 212-477-9007/


CO: Quintiles Transnational Corporation ST: North Carolina IN: MTC SU:

SM-OS -- NY070 -- 5343 09/23/93 15:42 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 23, 1993
Words:437
Previous Article:ELECTRONIC PUBLISHER VALUE SOFTWARE CORP. ESTABLISHES SUBSIDIARY, SOFTWARE AMERICA
Next Article:JEAN GARIEPY JOINS FRUIT OF THE LOOM, INC. AS PRESIDENT, EUROPE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters