Paul Meister Appointed CEO
inVentiv Realigns Under Three Segments -- Clinical, Consulting and Commercial -- Each With Industry-Leading Capabilities
SOMERSET, N.J., Jan. 21, 2011 (GLOBE NEWSWIRE) -- inVentiv Health, Inc., a leading provider of outsourced clinical development, launch and commercialization services to the global healthcare industry, today announced that it has signed a definitive agreement to acquire Campbell Alliance, a leading management consulting firm specializing in serving the pharmaceutical and biotech industries. Yesterday, inVentiv announced that it has signed a definitive agreement to purchase i3 from Ingenix.
inVentiv also announced that Paul Meister, Executive Chairman of inVentiv Health, Inc., will assume the Chief Executive Officer position, effective immediately. Mr. Meister is Founder and Chief Executive Officer of Liberty Lane Partners, LLC, a private equity company that is part of the investment group that acquired inVentiv in August 2010. Previously, Mr. Meister served as Chairman of the Board of Thermo Fisher Scientific Inc. and Vice Chairman of Fisher Scientific International, Inc. During his tenure as an executive officer at Fisher Scientific from 1991 to 2006, Fisher revenue and operating income grew at a compound annual growth rate of 15% and 23% respectively. In addition, the company's global footprint expanded from two countries to 27. Blane Walter, formerly CEO of inVentiv, will remain on the Board of Directors as Vice Chairman and will continue to be involved in advising the company's strategy.
"Blane's vision has led inVentiv to become one of the top service providers in the healthcare industry," commented Mr. Meister. "We are now well positioned to grow our leadership position and are very pleased that Blane will continue to provide strategic counsel as Vice Chairman of our Board."
With the addition of i3 and Campbell Alliance, inVentiv will realign its organization under three self-standing operating segments: Clinical, Consulting and Commercial, which will report to Mr. Meister and the company's Board of Directors.
The Clinical segment will be composed of the i3 organization, which includes i3 Research, i3 Pharma Resourcing and i3 Statprobe, and inVentiv's existing clinical businesses, which include inVentiv Clinical Solutions, MedFocus and Smith Hanley. Operating under the i3 brand, the combined organization will be one of the top-tier CROs in the world with locations across North America, Latin America, Europe, the Middle East, Asia and Asia Pacific. Glenn Bilawsky will continue as CEO of i3.
Campbell Alliance will operate independently as the Consulting segment of inVentiv. Known for its industry-leading expertise in strategic planning and in-depth knowledge of the biopharmaceutical industry, Campbell Alliance will significantly boost inVentiv's ability to help clients achieve key business objectives and solve strategic challenges. John and Ann Campbell, Chief Executive Officer and President respectively, will continue to lead the organization and, along with their management team, will maintain equity-based participation in Campbell Alliance. Operating under the Campbell Alliance brand, the organization will be based in Raleigh, NC. inVentiv Advance Insights, inVentiv's existing consulting business, will be folded into Campbell Alliance.
"We are incredibly excited to be teaming with inVentiv Health in this innovative structure," said John Campbell, founder and CEO of Campbell Alliance. "inVentiv is recognized as a global leader in developing and commercializing healthcare products, and through our partnership with them, we look forward to pursuing an aggressive growth strategy that will position Campbell Alliance as the clear global leader in the consulting space."
"We are thrilled to welcome both Campbell Alliance and i3 to inVentiv Health," said Mr. Meister. "John and Ann Campbell have built a truly impressive organization that brings together industry expertise and proven methodologies with deep, long-standing client relationships. i3 is among the industry's top CROs, with exceptional clinical talent and resources around the world. As we pursue our strategy of becoming the world's leading provider of best-in-class outsourced solutions to healthcare clients, Campbell Alliance and i3 will serve as critical segments of our business, expanding our ability to meet client needs and driving our future growth."
The remaining components of the legacy inVentiv Health organization -- Communications, Selling Solutions, Selling Accelerators and Patient Outcomes -- will align to operate as the new Commercial segment, under the name of inVentiv Health. As the largest pillar with approximately $900 million in annual revenue, the Commercial segment will serve as the foremost provider of multi-channel marketing and sales solutions to the biopharmaceutical and healthcare industry.
"Our clients are reinventing their Commercial models and tailoring their mix of promotional channels to optimize communications to healthcare providers and patients," said Mr. Meister. "As they do, no organization in the world is better positioned to support and guide their efforts than inVentiv because of our breadth of top sales, non-personal promotion, advertising and marketing, PR and patient adherence services. Our newly aligned Commercial segment connects these services, enabling clients to engage their customers in a coordinated, cost-effective and impactful manner."
The financial terms of the Campbell Alliance acquisition, which is expected to close in the first quarter of 2011, were not disclosed. The CRO businesses of i3 will be purchased for approximately $400 million, and the acquisition is expected to close in the first half of 2011. The transactions will be financed with a combination of debt and equity. Ropes & Gray LLP acted as legal advisor to inVentiv in connection with the transactions. The closing of both transactions is subject to customary closing conditions.
About inVentiv Health
inVentiv Health, Inc. is a leading, global provider of results-driven clinical, consulting and commercial services to the biopharmaceutical and healthcare industries. inVentiv's client roster consists of more than 350 leading pharmaceutical, biotech, and life sciences companies. inVentiv Health, Inc. is privately owned by inVentiv Group Holdings, Inc., an entity sponsored by affiliates of Thomas H. Lee Partners, L.P., Liberty Lane Partners, and members of the inVentiv management team. For more information, visit www.inventivhealth.com.
The inVentiv Health, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4942
About Campbell Alliance
Campbell Alliance is the leading management consulting firm specializing in the pharmaceutical and biotechnology industry. The firm's clients include most of the world's top-20 pharmaceutical companies, as well as numerous emerging and midsize firms. Campbell Alliance is organized into practice areas, each specializing in a critical industry function: Brand Management, Business Development, Clinical Development, Managed Markets, Medical Affairs, Sales, and Trade and Distribution. From its locations in Raleigh, NC, Parsippany, NJ, Los Angeles, San Francisco, Chicago, Boston, Philadelphia, New York City, Atlanta, and Zug, Switzerland, the firm serves clients throughout North America, Europe, and Japan.
About i3
i3 takes a 360-degree view of healthcare to help its global pharmaceutical, biotechnology, and medical device customers bring safe and effective products to market quickly and help demonstrate their value, leading to increased ROI and better patient care. i3's integrated businesses combine a deep understanding of data and methodologies; therapeutic, scientific, and functional proficiency; and the expertise to help design research that demonstrates a product's value, and helps achieve market access and assure reimbursement.