INC Research Completes Acquisition of Kendle International
News Jul 15, 2011
INC Research, LLC, has announced it has completed the acquisition of Kendle International Inc. 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.