Full Press Release Details
ICON Selected by Pfizer as a Global Strategic Partner for Clinical
Research and Development
ICON Selected For Strength of Services, Quality and Regulatory
Compliance and Collaboration Expertise
Dublin, Ireland, May 26, 2011 - ICON plc, (NASDAQ: ICLR; ISIN:
IE0005711209), a global provider of outsourced development services
to the pharmaceutical, biotechnology and medical device industries,
today announced a strategic partnership with Pfizer Inc. (NYSE:PFE)
which will see it serve as one of two preferred providers of clinical
trial implementation services.
The new partnership is part of Pfizer's comprehensive program of change
in R&D to sharpen research focus, deliver differentiated innovation, and
create a more flexible cost base through external partnerships for
certain R&D services. To be fully implemented over an 18 to 24 month
period, the partnership will enable Pfizer to focus internally on its
core capability in clinical trial design, while leveraging the strengths
and scale of ICON to implement clinical development programs with
greater efficiency and rigor.
Under the partnership agreement, Pfizer will retain scientific ownership
of the clinical development process, and maintain strict oversight and
quality standards relating to patient safety and regulatory compliance.
Pfizer will leverage ICON's expertise in the areas of program initiation
and management; site and country feasibility; data management and
reporting set-up; program study drug logistics; scientific and medical
communications; and quality assurance.
Peter Gray, CEO at ICON plc, commented, "Today's announcement is another
significant indicator of ICON's ability to partner with major companies
in helping them transform their drug development model and validates the
investments that we are making to capitalise on the changing market
environment. We look forward to working with Pfizer to help realise
their development pipeline and expect that over time our partnership
will have a significant positive impact on ICON's future growth."
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 currently has approximately 7,700
employees, operating from 77 locations in 39 countries.
Further information is available at www.iconplc.com
DISCLOSURE NOTICE: The information contained in this release
is as of May 26, 2011. ICON assumes no obligation to update
forward-looking statements contained in this release as a result of new
information or future events or developments.
This release contains forward-looking information about ICON's
strategic partnership with Pfizer, including the potential benefits of
the partnership on ICON's future financial results and condition that
involves substantial risks and uncertainties. These risks and
uncertainties include, among other things, the risk that the partnership
results in more limited provision of services by ICON than expected,
that those services do not have the expected financial impact on ICON or
that the partnership is terminated.
A further description of risks and uncertainties can be found in
ICON's Annual Report on Form 20-F for the fiscal year ended December 31,
2010 and in its Reports of Foreign Issuer on Form 6-K filed with the US
Securities and Exchange Commission.
VP Investor Relations