SOMERSET, N.J., Aug. 4, 2008 (PRIME NEWSWIRE) -- inVentiv Health, Inc. (Nasdaq:VTIV), a leading provider of commercialization services to the global healthcare industries, today announced that it has signed a definitive agreement to acquire Patient Marketing Group, Inc. (PMG), a leading pharmaceutical marketing services firm specializing in patient relationship marketing. PMG will operate within inVentiv Patient Outcomes, the division that partners with pharmaceutical companies, healthcare providers, pharmacists and payers to develop programs that help patients achieve the best possible medical outcomes.
Under the terms of the agreement, inVentiv Health will acquire Patient Marketing Group in an all-cash payment of $14.5 million, plus potential earn-out payments for exceeding specified financial targets. The transaction is expected to be immediately accretive to inVentiv's earnings.
Based in Princeton, NJ, Patient Marketing Group brings an 18-year track record for educating patients and building advocacy, loyalty and adherence to therapy. PMG's range of capabilities includes direct-to-patient strategy, patient research and insights mining, relationship marketing campaigns, online promotion, interactive tools and provider integration. Key clients include Astra Zeneca, Lilly and Merck.
"Patient Marketing Group has an impressive history of connecting with patients to help them understand their conditions, effectively manage their treatments, and ultimately achieve better health outcomes. PMG's proven expertise in engaging and motivating patients will be an ideal complement to our existing Patient Outcomes offering, and will support our clients' growing need for enhanced patient communications," said Blane Walter, President and Chief Executive Officer of inVentiv Health.
"Patient Marketing Group has built a reputation for exceptional patient communication programs and has developed many long-term relationships with top pharmaceutical companies," said Lynn Benzing, Chief Executive Officer of Patient Marketing Group. "As we look to take PMG to the next level, partnering with a global industry leader like inVentiv Health gives us access to an expanded array of healthcare expertise and creates opportunities to bring even greater value to our growing client base. We are very excited to be joining such an esteemed company."
About Patient Marketing Group
Patient Marketing Group, a Princeton-based healthcare communications company, specializes in the development of innovative patient relationship marketing programs shown to increase patient adherence enhance brand loyalty, and contribute to improved health outcomes. For more information, visit www.patientmarketing.com.
About inVentiv Health
inVentiv Health, Inc. (Nasdaq:VTIV) is an insights-driven global healthcare leader that provides dynamic solutions to deliver customer and patient success. inVentiv delivers its customized clinical, sales, marketing and communications solutions through its four core business segments: inVentiv Clinical, inVentiv Communications, inVentiv Commercial, and inVentiv Patient Outcomes. inVentiv Health's client roster is comprised of more than 350 leading pharmaceutical, biotech, life sciences and healthcare payer companies, including all top 20 global pharmaceutical manufacturers. For more information, visit www.inventivhealth.com.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause inVentiv Health's performance to differ materially. Such risks include, without limitation: changes in trends in the pharmaceutical industry or in pharmaceutical outsourcing; our ability to compete successfully with other services in the market; our ability to maintain large client contracts or to enter into new contracts; and, our ability to operate successfully in new lines of business. Readers of this press release are referred to documents filed from time to time by inVentiv Health, Inc. with the Securities and Exchange Commission for further discussion of these and other factors.