Full Press Release Details
Acquires Prevalere Life Sciences Inc
Bioanalytical and Immunoassay Capabilities into the United States
DUBLIN, Ireland--(BUSINESS WIRE)--November 14, 2008--ICON plc,
(NASDAQ:ICLR) (ISIN:IE0005711209), a global provider of outsourced
development services to the pharmaceutical, biotechnology and medical
device industries, today announced that is has acquired Prevalere Life
Sciences Inc., a wholly owned subsidiary of ORS Labs Inc. Under the
terms of the agreement ICON will pay an initial cash consideration of
$35M. If certain performance milestones are achieved, a further
consideration, up to a maximum of $8.2M may be payable.
Prevalere is one of the leading providers of bioanalytical and
immunoassay laboratory services to the biotechnology and pharmaceutical
industries and operates from a 49,000 square foot facility in
Whitesboro, New York. Prevalere will complement ICON's existing
European-based bioanalytical lab capabilities, where ICON Development
Solutions recently moved to a new, purpose-built bioanalytical and
immunoassay laboratory in Manchester, England.
"The acquisition of Prevalere gives ICON much greater scale in the
rapidly growing market for bioanalytical and immunoassay laboratory
services and adds value to our service offering in early phase clinical
development," commented Peter Gray, ICON CEO. "Prevalere brings to ICON
a highly experienced team, an excellent lab facility in the United
States and a strong market reputation amongst top-tier pharmaceutical
and biotechnology companies."
"I am delighted that Prevalere will be joining forces with ICON to offer
a broader range of early drug development services to our clients," said
Mario Rocci, CEO of Prevalere. "I believe both companies share a
commitment to quality, customer focus and technical excellence that will
continue to foster growth and innovation."
ICON plc is a global provider of outsourced development services to the
pharmaceutical, biotechnology and medical device industries. The Company
specialises in the strategic development, management and analysis of
programs that support clinical development - from compound selection to
Phase I-IV clinical studies. ICON teams have successfully conducted over
5500 development projects and consultancy engagements across all major
therapeutic areas. ICON currently has over 6600 employees, operating
from 71 locations in 38 countries. Further information is available at www.iconplc.com.
About Prevalere Life Sciences, Inc
Prevalere Life Sciences, Inc. is a contract research organisation that
provides consulting, bioanalytical and physical/chemical testing
services that meet the evolving research and development challenges of
the pharmaceutical and biotechnology industries. Further information can
be obtained at www.Prevalere.com.