InVentiv Expands REMS Business with ParagonRx Acquisition
Banking on the growing demand for risk evaluation and mitigation strategy services (REMS), New Jersey-based inVentiv Health acquired REMS consulting company ParagonRx for an undisclosed sum in a deal that was finalized December 31.
inVentiv, which provides marketing, communications and staffing to the pharmaceutical industry, launched its REMS business last August in response to a growing demand for these types of services to meet U.S. Food and Drug Administration (FDA) regulations. The FDA requires pharma companies to submit a REMS for selected products. Companies failing to submit a suitable REMS may experience approval delays and other roadblocks.
"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."
Based in Wilmington, Del., ParagonRx was founded in 2001 by former DuPont executive Jeffrey Fetterman and Gary Slatko, M.D., also a former pharma executive.