SOMERSET, N.J., March 13 /PRNewswire-FirstCall/ -- Ventiv Health, Inc. today announced that has entered into a definitive agreement to acquire Synergos, Inc., a focused clinical services provider with expertise in clinical trial management services, particularly project management and monitoring as well as investigator and patient recruitment. Synergos will operate under Ventiv's Clinical division, which provides clients a variety of essential services helping companies navigate through the clinical development and regulatory approval process.
Under the terms of the agreement, Ventiv will acquire Synergos for $5.75 million in cash and stock, plus earn-out payments for exceeding specified financial targets. The transaction is expected to close at the beginning of April.
Eran Broshy, CEO of Ventiv Health said, "This acquisition strengthens our Clinical group's presence in the biotech, medical device and emerging pharmaceutical markets. We look forward to integrating Synergos into Ventiv's Clinical Solutions group and leveraging their expertise to further broaden our clinical capabilities."
Jaye Thompson, PhD, CEO of Synergos, said, "We have built a high-quality clinical services group with dedicated clients. Our capabilities are highly complementary with Ventiv's and we are very excited to be joining the Ventiv Health family and contributing to their expanding suite of clinical services."
Michael Hlinak, President of Ventiv Clinical Solutions, said, "The acquisition of Synergos is a great addition to the existing functional service offerings we have developed at Ventiv. In addition to covering a variety of indications, including cardiovascular, CNS disease, dermatology, infectious disease, musculoskeletal and oncology, we add synergistic services to the fold. These services include clinical trial monitoring, regulatory affairs, medical writing and full service clinical trial management."
Upon the close of the transaction, Synergos will become a wholly owned subsidiary of Ventiv. The acquisition is expected to be immediately accretive to Ventiv's earnings, with further details to be provided during Ventiv's March 14, 2006 earnings call.
About Synergos
Synergos, Inc. is a functional service provider specializing in clinical trials management services, particularly project management and monitoring as well as investigator and patient recruitment. Synergos also provides regulatory affairs and quality compliance services. Some integrated data management and statistical solutions are also available to early stage biotech and emerging pharmaceutical companies. Founded in 1991, Synergos has substantial experience in pharmaceuticals, medical devices, and biotechnology product development, with significant expertise in numerous therapeutic and diagnostic areas. Synergos has managed, analyzed, and produced reports for each type of regulatory submission required by the FDA, including multiple NDAs and PMAs. For more information visit http://www.synergosinc.com.
About Ventiv Health
Ventiv Health, Inc. is the leading provider of commercialization and complementary services to the global pharmaceutical, life sciences and biotechnology industries. Ventiv delivers its customized clinical, sales, marketing and communications solutions through its three core business segments: Ventiv Clinical, Ventiv Communications and Ventiv Commercial. Ventiv Health works with over 150 pharmaceutical and life sciences clients, including 18 of the top 20 global pharmaceutical companies. For more information, visit http://www.ventiv.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 Ventiv 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; 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 Ventiv Health, Inc. with the Securities and Exchange Commission for further discussion of these and other factors.
Ventiv Health, Inc.CONTACT: Investors, Corporate - John Emery, CFO of Ventiv Health, Inc.,+1-732-537-4804, investor@ventiv.com; or Media - Felicia Vonella of VentivHealth, Inc., +1-212-308-7155, fvonella@ventiv.com
Web site: http://www.ventiv.com/
