inVentiv Health Sales Teams Contracts Terminated
SOMERSET, N.J., Oct. 18 /PRNewswire-FirstCall/ -- inVentiv Health, Inc. today announced that it has been notified by Novartis Pharmaceuticals Corporation that its current sales team contract will be terminated during the fourth quarter of 2007. The company also announced that its inVentiv Commercial division is in advanced discussions with another client to deploy a significant sales team.
Mr. Eran Broshy, inVentiv's Chairman and CEO, stated, "Our sales teams business includes over 40 separate sales teams and today represents less than one-third of our overall mix as our broad range of complementary services has grown in recent years. We expect for sales teams to be added and wound down in the normal course. We have received notification from Novartis Pharmaceuticals that in conjunction with its broader streamlining initiatives, our existing sales team will be wound down in the fourth quarter. At the same time, we are currently in advanced discussions with a current client to add a significant sales team, and expect that upon contract finalization a majority of the existing Novartis team would potentially be redeployed to this client. In addition, we are actively discussing sales force opportunities with several other clients, building on our strong track record in successfully redeploying sales teams. We fully expect that the majority of our high-performing representatives on the Novartis contract will continue their employment on other inVentiv sales teams."
As the broadest provider of innovative clinical, communications, commercial and patient outcomes services, inVentiv Health continues to actively work with and support Novartis in a variety of other areas.
Mr. Broshy continued, "We look forward to elaborating on these developments in our third quarter conference call on November 7."
About inVentiv Health
inVentiv Health, Inc. is an insights-driven global healthcare leader that provides dynamic solutions to deliver customer and patient success. inVentiv delivers its customized clinical, sales, marketing, communications and outcomes solutions through its four core business segments: inVentiv Clinical, inVentiv Communications, inVentiv Commercial, and inVentiv Patient Outcomes. inVentiv Health's client roster is comprised of more than 250 leading pharmaceutical, biotech, life sciences and healthcare payor companies, including all top 20 global pharmaceutical manufacturers. 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: changes in trends in the pharmaceutical industry or in pharmaceutical outsourcing; our ability to compete successfully with other services in the market; our ability to maintain large client contracts or to enter into new contracts; uncertainties related to future incentive payments; and, our ability to operate successfully in new lines of business. 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.
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