inVentiv Health To Acquire Kforce Clinical Research
Acquisition Will Expand inVentiv's Position as a Leader in the CRO Industry
inVentiv Also Announces Plans to Complete Acquisition of SDI Health Promotional and Medical Audit Businesses from IMS Health
Burlington, Mass. ‒ March 19, 2012 – inVentiv Health, Inc., offering best-in-class clinical, commercial and consulting services to the healthcare industry, today announced that it has signed a definitive agreement to acquire Kforce Clinical Research, Inc. ("KCR"), a provider of functional outsourcing solutions to pharmaceutical, biotech and medical device companies, from Kforce Inc. for $50 million in cash.
KCR will be combined with inVentiv's existing functional service provider (FSP) and staffing businesses within the Clinical segment, expanding inVentiv's position as a leader in functional outsourcing and CRO services. With more than 30 years of experience and a broad portfolio of partners worldwide, the combined organization will leverage inVentiv Health's global reach, enabling the company to meet clients' strategic resourcing needs in more than 40 countries around the world.
"With its strong clinical monitoring expertise, a customer-focused approach and an impressive portfolio of clients, Kforce Clinical Research is an attractive complement to inVentiv's existing services. This acquisition expands our capability across the continuum of FSP, staffing and CRO services, further enhancing our ability to deliver flexible, cost-effective solutions for our clients," said Paul Meister, CEO of inVentiv Health.
KCR's range of clinical services include: site management and monitoring, clinical project and program management, clinical programming and data management, biostatistical analysis and reporting, pharmacovigilance, medical writing, regulatory affairs, and quality assurance and training. inVentiv anticipates adjusted annualized revenue of approximately $70 million, which reflects the previously disclosed contract loss by KCR and anticipated wins and contract expansion.
The transaction is expected to close at the end of March 2012.
inVentiv Health also announced today that the Federal Trade Commission has approved its acquisition of SDI Health promotional and medical audit businesses from IMS Health. inVentiv expects to close the transaction this week. The syndicated offerings of the acquired businesses will be combined with the market research capabilities of Campbell Alliance, an inVentiv Health company and the leading management consulting firm specializing in the pharmaceutical and biotech industry.
About inVentiv Health
inVentiv Health, Inc. is a leading global provider of best-in-class clinical, commercial and consulting services to companies seeking to accelerate performance. inVentiv's client roster includes more than 550 pharmaceutical, biotech and life sciences companies. With 13,000 employees in 40 countries, inVentiv rapidly transforms promising ideas into commercial reality. 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 http://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 our performance to differ materially.