BURLINGTON, Mass., June 13, 2011 /PRNewswire/ -- inVentiv Health, Inc., offering best-in-class clinical, consulting and commercial services to the healthcare industry, today announced it has completed the acquisition of i3, a top-tier contract research organization (CRO) to the pharmaceutical, biotech and medical device industries. i3 was previously owned by Ingenix, a UnitedHealth Group company.
i3 is an industry-leading global contract research organization that provides a broad range of clinical development services that can be deployed on any scale from complex, multinational trials to smaller, early phase studies in specialized patient populations. i3's integrated businesses combine a deep understanding of therapeutic, scientific and functional proficiency in product development and strategic resourcing including functional outsourcing and staffing solutions.
inVentiv's Clinical segment will be comprised of i3, along with inVentiv's existing clinical businesses and PharmaNet Development Group, which inVentiv announced in May it would acquire. As a combined entity, inVentiv's Clinical segment will be among the world's largest CROs with more than 6,000 employees dedicated to clinical research in nearly 40 countries, including emerging markets in Asia, Latin America and Central/Eastern Europe.
Paul Meister, CEO of inVentiv Health, commented, "As pharmaceutical companies continue to seek enhanced flexibility and lower fixed costs, demand for best-in-class clinical outsourcing services has never been greater. As evidenced by i3 and the recently announced PharmaNet transaction, inVentiv is moving quickly to seize this opportunity by establishing itself as a leading global provider of CRO services. The acquisition of i3 is a critical step toward this goal and brings to inVentiv a company that is highly respected for its deep therapeutic knowledge, proven operational expertise and customized approach to meeting client needs."
"In an industry that is both dynamic and volatile, having a strategic vision for growth is essential," said Glenn Bilawsky, CEO of i3. "inVentiv is an ideal partner for us because they not only see the potential opportunity for i3, they bring the foresight, passion and resources to take us there. For our clients, this will mean expanded clinical resources and expertise in the U.S. and throughout the world to meet their needs. For our employees, it will mean exciting new opportunities to actively participate in building a true market leading company."
The expanded clinical offering of i3 complements inVentiv's world-class global consulting and commercial capabilities. inVentiv's cross-functional, global expertise in clinical, consulting and commercial services means that it will be the company clients can turn to when looking to develop a new compound, create a winning business strategy, or successfully commercialize a product anywhere in the world.
i3 takes a 360-degree view of healthcare to help its global pharmaceutical, biotechnology, and medical device customers bring safe and effective products to market quickly, leading to better patient care. i3's integrated businesses combine a deep understanding of data and methodologies; therapeutic, scientific, and functional proficiency; and the expertise to help design research that demonstrates a product's value. More information about i3 can be obtained at www.i3global.com.
About inVentiv Health
inVentiv Health, Inc. is a leading global provider of results-driven clinical, consulting and commercial services to the pharmaceutical and healthcare industries. inVentiv's client roster includes more than 400 pharmaceutical, biotech and life sciences companies. inVentiv Health Inc. is privately owned by inVentiv Group Holdings Inc., an organization sponsored by affiliates of Thomas H. Lee Partners, L.P., Liberty Lane Partners and members of the inVentiv management team. For more information, visit www.inventivhealth.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause inVentiv Health's performance to differ materially. Such risks include, without limitation: our ability to sufficiently increase our revenues and maintain or decrease expenses and cash capital expenditures to permit us to fund our operations; our ability to continue to comply with the covenants and terms of our credit facility and to access sufficient capital to fund our operations; our ability to grow our existing client relationships, obtain new clients and cross-sell our services; our ability to successfully operate new lines of business; our ability to manage our infrastructure and resources to support our growth; our ability to successfully identify new businesses to acquire, conclude acquisition negotiations and integrate the acquired businesses, including the acquisition of i3 and the pending acquisition of PharmaNet Development Group, Inc., into our operations; any disruptions, impairments, or malfunctions affecting software as well as excessive costs or delays that may adversely impact our continued investment in and development of software; the potential impact of government regulation on us and on our clients base; our ability to comply with all applicable laws as well as our ability to successfully implement from a timing and cost perspective any changes in applicable laws; our ability to recruit, motivate and retain qualified personnel, including sales representatives; the actual impact of the adoption of certain accounting standards; our ability to maintain technological advantages in a variety of functional areas, including sales force automation, electronic claims surveillance and patient compliance; and changes in trends in the healthcare and pharmaceutical industries or in pharmaceutical outsourcing. Readers of this press release are referred to documents filed from time to time by inVentiv Health Inc. with the Securities and Exchange Commission for further discussion of these and other factors.
SOURCE inVentiv Health, Inc.