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Press Releases
inVentiv Health Acquires ParagonRx
Acquisition Positions inVentiv as the Industry Leader in Pharmaceutical Risk Management
SOMERSET, NJ, January 5, 2010 - inVentiv Health, Inc. (NASDAQ: VTIV), a leading provider of commercialization services to the global healthcare industries, today announced it has acquired ParagonRx, a leading consulting company specializing in pharmaceutical risk management and optimizing medication use. The addition of ParagonRx will position inVentiv as the leading provider of comprehensive, fully-integrated REMS (Risk Evaluation & Mitigation Strategy) and risk management solutions, ranging from strategic consulting and program design to implementation coordination, project tracking and assessment. The acquisition was completed on December 31, 2009.
Based in Wilmington, Delaware, ParagonRx is the industry leader in designing and implementing REMS and other risk management plans for pharmaceutical, biotech and medical device companies, and in developing programs to better market under-utilized drugs. Within inVentiv, ParagonRx will operate as part of the Clinical division, expanding the breadth of inVentiv Clinical’s scope of safety science offerings.
"Driving safe and appropriate use of medicine and managing potential risks are key priorities for inVentiv's clients, and thus, we recently launched an integrated REMS offering to support these growing needs," said Blane Walter, Chief Executive Officer of inVentiv Health. "Today we are significantly strengthening our REMS capabilities with the acquisition of ParagonRx, unquestionably one of the industry's top experts in risk mitigation. Their extensive experience in consultative REMS and safety services is an ideal complement to inVentiv Health’s broad array of risk communications and REMS implementation services. The resulting combination will enable inVentiv to deliver a truly comprehensive REMS and risk management solution to our clients on a global basis through a single point of contact."
"ParagonRx and inVentiv Health share a commitment to providing healthcare clients with exceptional solutions to complex challenges. We are thrilled to be joining with them to create a premier REMS offering," said Jeffrey Fetterman, Chief Executive Officer of ParagonRx. "In addition, we are excited about the opportunity to work collaboratively with inVentiv to deliver a broader array of drug safety and risk mitigation services to our clients, both in the U.S. and globally."
In the past 12 months, 26 percent of all new drug approvals in the U.S. had an FDA-approved REMS program, and industry analysis suggests that many more REMS and risk management programs will be required by the FDA and EMEA in the coming years.
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 inVentiv Health's performance to differ materially. Such risks include, without limitation: our ability to sufficiently increase our revenues and maintain or decrease expenses and cash capital expenditures to permit us to fund our operations; our ability to continue to comply with the covenants and terms of our credit facility and to access sufficient capital to fund our operations; our ability to grow our existing client relationships, obtain new clients and cross-sell our services; our ability to successfully operate new lines of business; our ability to manage our infrastructure and resources to support our growth; our ability to successfully identify new businesses to acquire, conclude acquisition negotiations and integrate the acquired businesses into our operations; any disruptions, impairments, or malfunctions affecting software as well as excessive costs or delays that may adversely impact our continued investment in and development of software; the potential impact of government regulation on us and on our clients base; our ability to comply with all applicable laws as well as our ability to successfully implement from a timing and cost perspective any changes in applicable laws; our ability to recruit, motivate and retain qualified personnel, including sales representatives; the actual impact of the adoption of certain accounting standards; our ability to maintain technological advantages in a variety of functional areas, including sales force automation, electronic claims surveillance and patient compliance; changes in trends in the healthcare and pharmaceutical industries or in pharmaceutical outsourcing; and our inability to determine the actual time at which the liquidation of the Columbia Strategic Cash Portfolio will be completed or the total losses that we will actually realize from that investment vehicle. . Readers of this press release are referred to documents filed from time to time by inVentiv Health Inc. with the Securities and Exchange Commission for further discussion of these and other factors.
