Kendle Completes Acquisition of Phase II-IV Clinical Services Business of Charles River Laboratories International, Inc.
August 16 2006 - 4:45PM
PR Newswire (US)
World's fourth-largest provider of Phase II-IV Clinical Development
services offers expanded capacity for delivery of global trials
CINCINNATI, Aug. 16 /PRNewswire-FirstCall/ -- Kendle (NASDAQ:KNDL),
a leading global full-service clinical research organization (CRO),
today announced it has completed the acquisition of the Phase II-IV
Clinical Services business of Charles River Laboratories
International, Inc. (NYSE:CRL). With this move, Kendle strengthens
its position as one of the leading global players in the clinical
development industry, adding attractive therapeutic expertise,
diversifying its customer base and expanding its capacity to
deliver large global trials. Kendle announced its agreement to
acquire Charles River Clinical Services May 9. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030429/KNDLLOGO) "Kendle and
Charles River Clinical Services are a winning combination," said
Candace Kendle, PharmD, Chairman and Chief Executive Officer. "Our
newly combined organization offers our customers an expanded global
platform and broadened therapeutic base for their drug development
efforts, and positions Kendle for continued strong growth as we
accelerate toward our $500 million mid-term revenue goal. We
welcome Charles River Clinical Services associates to Kendle and
look forward to serving our expanded customer base for years to
come." With the completion of the acquisition, Kendle now has
nearly 3,000 associates in operations throughout North America,
Europe, Asia/Pacific, Latin America and Africa. The combined
organization is the fourth largest provider of Phase II-IV clinical
development services worldwide. Kendle's agreement with Charles
River provided for the purchase of 100 percent of the stock of the
Phase II-IV Clinical Services business for approximately $215
million in cash plus a working capital adjustment in accordance
with the terms and conditions of the Stock Purchase Agreement, as
amended, between Charles River and Kendle dated as of May 9, 2006.
Kendle financed the transaction with a combination of cash on hand
and debt. About Kendle Kendle International Inc. (NASDAQ:KNDL) is
among the world's leading global clinical research organizations
and is the fourth-largest provider of Phase II-IV clinical
development services. We deliver innovative and robust clinical
development solutions -- from first-in-human studies through market
launch and surveillance -- to help the world's biopharmaceutical
companies maximize product life cycles and grow market share. Our
global clinical development business is focused on five regions --
North America, Europe, Asia/Pacific, Latin America and Africa -- to
meet customer needs. With the expertise of our associates
worldwide, Kendle has conducted clinical trials or provided
regulatory, pharmacovigilance and validation services in 70
countries. Additional information and investor kits are available
upon request from Kendle, 1200 Carew Tower, 441 Vine Street,
Cincinnati, OH 45202 or from the Company's Web site at
http://www.kendle.com/. Information provided herein, which is not
historical information, are forward-looking statements pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. All such forward-looking statements are based
largely on management's expectations and are subject to and
qualified by risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by
such statements. These risks and uncertainties include, without
limitation, competitive factors and industry consolidation,
outsourcing trends in the pharmaceutical and biotechnology
industries, the company's ability to manage growth and to continue
to attract and retain qualified personnel, the company's ability to
integrate the newly acquired businesses, the fixed price nature of
contracts or the loss of large contracts, cancellation or delay of
contracts, the progress of ongoing contracts, the ability to
maintain existing customer relationships or enter into new ones,
cost overruns, the company's sales cycle, the effects of exchange
rate fluctuations, and other factors described in the company's
filings with the Securities and Exchange Commission, including
Quarterly Reports on Form 10-Q and the Annual Report on Form 10-K.
All information in this release is current as of August 16. The
company undertakes no duty to update any forward-looking statement
to conform the statement to actual results or changes in the
company's expectations. "
http://www.newscom.com/cgi-bin/prnh/20030429/KNDLLOGO
http://photoarchive.ap.org/ DATASOURCE: Kendle International Inc.
CONTACT: Investors, Patty Frank, +1-513-763-1992, or Media, Lori
Dorer, +1-513-345-1685, both of Kendle International Inc. Web site:
http://www.kendle.com/
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