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news.Emerging pharmaceutical services company Aptuit is to pay $125 million for three of Quintiles' business units - Preclinical Services, Pharmaceutical Sciences, and Clinical Trial Supplies. The companies have also signed a commercial agreement that will last for two years.
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The deal will help Aptuit to provide its customers in the biotechnology and pharmaceutical sectors with a suite of early development services and competencies designed to accelerate and enhance the probability of success for new drugs in development.
“As an integrated organization, these three business units constitute a premier business that will form the foundation for our drug development services offerings,” said Michael Griffith, CEO of Aptuit.
According to Dennis Gillings, chairman and CEO of Quintiles, the deal will allow Quintiles to “bring greater focus to our clinical services and clinical support services, such as our global laboratory network.”
Aptuit, intends to invest up to $50 million in the business units over the next three years to enhance operations and expand its service portfolio. Closing is anticipated to occur during the third quarter of 2005.