LONDON, UK - July 19,
2005 - Premier Research Group plc (AIM: PRG) ("Premier Research”,
“Company" or “Group”), the international pharmaceutical services group
today announces the acquisition of PharmData,
Inc. (“PharmData”) for a maximum consideration
of up to approximately £12.5 million (US$22.0 million) in cash and shares
(“the Acquisition”).
This follows the
Group’s acquisition of EPA Euro Pharma of
Germany which was announced in early June 2005 and continues the Company’s
stated strategy of building an international business both organically and
through strategically placed acquisitions.
The Company also today
gives a pre-close trading update for the half year ending 31 July 2005.
Information on PharmData
PharmData
is a privately held contract research organisation
(CRO) that specialises in clinical data
management, statistical analysis, medical writing, electronic archiving
and project management services for the pharmaceutical, biotechnology, and
medical device industries. The business, which was set up in 1994, is
based in Atlanta, USA and employs 40 people.
Reasons for the Acquisition
PharmData
currently operates solely within the US market and provides the Company
with increased scope and scale of data management services.
Due to the specialist
nature of its service offering, PharmData
achieves a higher operating margin than Premier Research’s existing data
management operations.
PharmData’s customer base, which comprises of largely US based
pharmaceutical and biotechnology companies, is almost exclusively
complementary to that of Premier Research’s and there is considerable
scope for cross-selling opportunities, particularly in the Company’s
ability to offer clinical services to PharmData’s
customers who have, to date, secured this service elsewhere.
Financing the Acquisition
Commenting on the
Acquisition, Dr Simon Yaxley, Chief Executive
of Premier Research said:
“We
are delighted with the acquisition of PharmData
which represents an important step in our strategy of building a leading
international contract research organisation.
The combination of PharmData’s excellent
reputation, strong data management, statistical expertise and
sophisticated IT and project delivery processes with Premier Research’s
existing US and international operations offers a number of complementary
synergies to the enlarged Group and further strengthens Premier Research’s
position in the international CRO market.”