inVentiv Health completes i3 acquisition
inVentiv's clinical segment will be comprised of i3, along with inVentiv's existing clinical businesses and PharmaNet Development Group, which inVentiv announced it would acquire in May. As a combined entity, inVentiv's clinical segment will have more than 6,000 employees dedicated to clinical research in nearly 40 countries, including emerging markets in Asia, Latin America and Central/Eastern Europe.
Paul Meister, CEO of inVentiv Health, said, "As pharmaceutical companies continue to seek enhanced flexibility and lower fixed costs, demand for best-in-class clinical outsourcing services has never been greater. inVentiv is moving quickly to seize this opportunity by establishing itself as a leading global provider of CRO services. The acquisition of i3 is a critical step toward this goal.”
"In an industry that is both dynamic and volatile, having a strategic vision for growth is essential," said Glenn Bilawsky, CEO of i3. "inVentiv is an ideal partner for us because they not only see the potential opportunity for i3, they bring the foresight, passion and resources to take us there.”