INC Research Completes Acquisition of Kendle International
July 12 2011 - 4:47PM
Marketwired
INC Research, LLC, a therapeutically focused contract research
organization (CRO) privately held by Avista Capital Partners and
Ontario Teachers' Pension Plan, today announced it has completed
the acquisition of Kendle International Inc. (NASDAQ: KNDL) in an
all-cash transaction with a total equity value of approximately
$232 million or $15.25 per share. The combined company will operate
as INC Research, LLC and will be led by James T. Ogle, Chief
Executive Officer. Serving in key corporate roles will be Jamie
Macdonald, Chief Operating Officer; John Potthoff, PhD, President;
David Gill, Chief Financial Officer; Neil MacAllister, Executive
Vice President, Corporate and Business Development, INC Research
and President, AVOS Consulting; and Mark Roseman, DSc, Executive
Vice President, Business Development and Marketing.
With the addition of Kendle, INC Research now employs
approximately 5,000 employees across six continents with experience
spanning more than 100 countries, placing it among the top-tier
CROs worldwide. With enhanced global scale, expanded therapeutic
expertise and new levels of operational excellence, the new
organization is more strongly positioned to deliver clinical trials
of all sizes across the drug development spectrum. This transaction
follows INC Research's recent acquisition of Trident Clinical
Research, which is now a wholly owned affiliate operating in
Sydney, Brisbane, Melbourne, Adelaide, Auckland and Mumbai.
"Biopharmaceutical companies of all sizes are relying on
outsourcing partners earlier in the clinical trials process," said
Ogle. "This transaction has enhanced our value proposition to
global drug developers and given us a broader range of local
operations with global oversight, allowing us to maintain high
standards and quality results."
INC Research has deployed a joint integration team that already
has begun fully integrating the two companies' customers, employees
and services. This team will seek to ensure continued delivery on
all current trials and maintain the company's Trusted Process®,
advisory services and therapeutic expertise, which have been the
mainstays of customer relationships.
In connection with the transaction, J.P. Morgan Securities LLC
acted as Kendle's financial advisor and Keating, Muething &
Klekamp PLL acted as its legal advisor. Morgan Stanley & Co.
Inc. acted as financial advisor and Weil, Gotshal & Manges LLP
acted as the legal advisor to INC Research.
Visit www.incresearch.com/BIG to learn more about the new
organization's expanded services and capabilities.
About INC Research INC Research is a
therapeutically focused contract research organization with a
high-performance reputation for conducting global clinical
development programs of the highest integrity. Pharmaceutical and
biotechnology companies look to INC Research for a complete range
of customized Phase I through Phase IV programs in all therapeutic
areas and innovative pediatric and women's health trials. The
company's Trusted Process® methodology and therapeutic foresight
lead customers to more confident, better-informed drug and device
development decisions. INC Research is headquartered in Raleigh,
NC. For more information, please visit www.incresearch.com or
follow us @inc_research.
About Avista Capital Partners Avista
Capital Partners is a leading private equity firm managing
approximately $4 billion of committed capital with offices in New
York, Houston, and London. Founded in 2005, Avista's strategy is to
make controlling or influential minority investments in
growth-oriented energy, healthcare, media, industrial and consumer
businesses. Through its team of seasoned investment professionals
and industry experts, Avista seeks to partner with exceptional
management teams to invest in and add value to well-positioned
businesses. For more information visit www.avistacap.com.
About Ontario Teachers' Pension Plan
Ontario Teachers' Pension Plan is invested in INC Research through
its private investment department, Teachers' Private Capital, one
of the world's largest private equity investors. With $107.5
billion in assets as of December 31, 2010, the Ontario Teachers'
Pension Plan is the largest single-profession pension plan in
Canada. It is an independent corporation responsible for investing
the fund and administering the pensions of Ontario's 295,000 active
and retired teachers. For more information visit www.otpp.com.
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Media contact for INC Research: Kelly Foster Email
Contact +1 619-224-1261 Email Contact +1 760-415-0315 Media
contact for Avista: Melissa Sheer Kekst & Company Email
Contact +1 212-521-4839
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