The UK contract research organization Innovex is being acquired by the US company Quintiles Transnational Corp for around L500 million ($800 million). It will exchange 10 million of its own shares for all of Innovex's stock. Quintiles will assume $60 million in Innovex debt. It says that the combination of the two firms will create the world's first and largest full-service contract pharmaceutical and health care company.
Dennis Gillings, chairman of Quintiles, said: "this is fundamentally a growth transaction because of the opportunities that exist in pharmaceutical outsourcing and health care today."
Barrie Haigh, who is chairman and founder of Innovex, said that the unbeatable mix of Quintiles' scientific strength with Innovex' global commercialization strengths will be of "enormous benefit to our customers." Mr Haigh will serve as vice chairman of the combined company and will oversee the business development function for all divisions.
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