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TSI CORPORATION ANNOUNCES PROPOSED ACQUISITION OF GERMAN PRECLINICAL TESTING FACILITY

 TSI CORPORATION ANNOUNCES PROPOSED ACQUISITION OF
 GERMAN PRECLINICAL TESTING FACILITY
 WORCESTER, Mass., March 18 /PRNewswire/ -- TSI Corporation (NASDAQ: TSIN) announced today the proposed acquisition of the International Bio Research (IBR) subsidiary from PharmaKinetics Laboratories, Inc. IBR, located in Walsrode, Germany, is a leading provider of preclinical and toxicology testing services in Europe. PharmaKinetics, which is in bankruptcy proceedings in the United States, will petition the Bankruptcy Court for the District of Maryland to approve the sale. In addition to approval of the Bankruptcy Court, the transaction is dependent on several other conditions, including the completion of due diligence by TSI and execution of a definitive purchase agreement. The proposed purchase agreement calls for TSI to make a payment to PharmaKinetics of $1.95 million in cash and $1.4 million in TSI Common Stock. PharmaKinetics is a leading drug development company providing services to pharmaceutical and biotechnology firms seeking new drug approvals in the United States and Europe.
 "The proposed acquisition of IBR will significantly increase TSI's ability to serve its international clients," said James P. Sherblom, chairman and chief executive officer of TSI. "With a solid base in testing biotechnology-based products, IBR's strengths mesh tightly with our other testing services businesses and we look for IBR to be a positive contributor to our operating results."
 TSI is a life sciences company offering in vitro and in vivo preclinical and toxicology testing services, human clinical testing services, and diagnostic intermediate products. TSI is also developing advanced toxicology tests and disease models based on genetic engineering and transgenic techniques to improve the efficiency of the pharmaceutical/chemical development process.
 -0- 3/18/92
 /CONTACT: Munro Pitt, senior vice president of TSI Corporation, 508-755-0550; or Robert Gottlieb, vice president of Feinstein Partners, Inc., 617-577-8110, for TSI Corp./
 (TSIN) CO: TSI Corporation; International Bio Research; PharmaKinetics Labs. ST: Massachusetts IN: MTC SU: TNM


PB -- NE002 -- 9031 03/18/92 07:47 EST
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Publication:PR Newswire
Date:Mar 18, 1992
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