inVentiv Health Completes Acquisition Of i3
inVentiv Health, Inc., offering best-in-class clinical, consulting and commercial services to the healthcare industry, recently announced it has completed the acquisition of i3, a top-tier contract research organization (CRO) to the pharmaceutical, biotech and medical device industries. i3 was previously owned by Ingenix, a UnitedHealth Group company.
i3 is an industry-leading global contract research organization that provides a broad range of clinical development services that can be deployed on any scale from complex, multinational trials to smaller, early phase studies in specialized patient populations. i3's integrated businesses combine a deep understanding of therapeutic, scientific and functional proficiency in product development and strategic resourcing including functional outsourcing and staffing solutions.
inVentiv's Clinical segment will be comprised of i3, along with inVentiv's existing clinical businesses and PharmaNet Development Group, which inVentiv announced in May it would acquire. As a combined entity, inVentiv's Clinical segment will be among the world's largest CROs with more than 6,000 employees dedicated to clinical research in nearly 40 countries, including emerging markets in Asia, Latin America and Central/Eastern Europe.
Paul Meister, CEO of inVentiv Health, commented, "As pharmaceutical companies continue to seek enhanced flexibility and lower fixed costs, demand for best-in-class clinical outsourcing services has never been greater. As evidenced by i3 and the recently announced PharmaNet transaction, inVentiv is moving quickly to seize this opportunity by establishing itself as a leading global provider of CRO services. The acquisition of i3 is a critical step toward this goal and brings to inVentiv a company that is highly respected for its deep therapeutic knowledge, proven operational expertise and customized approach to meeting client needs."
"In an industry that is both dynamic and volatile, having a strategic vision for growth is essential," said Glenn Bilawsky, CEO of i3. "inVentiv is an ideal partner for us because they not only see the potential opportunity for i3, they bring the foresight, passion and resources to take us there. For our clients, this will mean expanded clinical resources and expertise in the U.S. and throughout the world to meet their needs. For our employees, it will mean exciting new opportunities to actively participate in building a true market leading company."
The expanded clinical offering of i3 complements inVentiv's world-class global consulting and commercial capabilities. inVentiv's cross-functional, global expertise in clinical, consulting and commercial services means that it will be the company clients can to turn to when looking to develop a new compound, create a winning business strategy, or successfully commercialize a product anywhere in the world.
SOURCE: inVentiv Health, Inc.