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Home » PharmaNet Pursues Strategic Alternatives, Possible Sale

PharmaNet Pursues Strategic Alternatives, Possible Sale

December 19, 2008
CenterWatch Staff

Troubled contract research organization (CRO) PharmaNet Development Group announced Thursday that it is working with a financial advisor from USB Investment Bank to explore strategic alternatives, including the potential sale of the company.

This move follows a year of struggles for the Princeton, N.J.-based CRO. Since the start of 2008, PharmaNet’s share price has plunged 97% from $39.19 in January to $1.01 in early morning trading Friday, and, in September, PharmaNet cut its full-year revenue forecast more than $30 million.

“The board of directors and management believe that pursuing strategic alternatives will maximize shareholder value,” said PharmaNet president and CEO Jeffrey McMullen in a company statement.

The CRO has received a several non-binding letters of interest regarding the sale of the company from non-competitors, according to the company release, but the company will not comment further on the process until a definitive strategic decision or agreement is made.

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