Thebe buys 30% stake in Quintiles

US firm Quintiles Transnational has entered into a partnership in South Africa with Thebe HealthCare, one of South Africa's leading black economic empowerment companies. As part of the deal, Thebe has purchased a 30% share of Quintiles' South African commercial division, Innovex.

Quintiles chief executive Gillian Corken said: "we have formed an alliance with the oldest and largest majority-black-owned pharma company, which has a proven track record of success in South Africa and a health care division with a synergistic fit with Quintiles and Innovex. Innovex, under the leadership of Heinrich Hoehler, welcomed the opportunity to work with Thebe, saying this "should benefit from our international and professional marketing and sales services in both their local and regional business environments. In addition, the transaction allows Innovex customers substantial procurement points under the Broad Based Black Economic Empowerment Act of South Africa." Under terms of the agreement, Yaseen Bhayat, CEO of Thebe, joins the board of directors of Innovex, which is owned 70% by Quintiles and 30% by Thebe.