Aptuit, Inc., an emerging company focused on streamlining and supporting the drug development process for biotechnology and pharmaceutical innovators, has signed an agreement to acquire three Quintiles Transnational business units for cash consideration of $125 million. The units will be reorganized into three global business lines: Preclinical Technologies, Pharmaceutical Sciences and Packaging & Logistics.
Under the terms of the acquisition, Aptuit and Quintiles will enter into a multi-year agreement to jointly market products and services.
“As an integrated organization, these business lines constitute a premier business that will form the foundation for our comprehensive drug development services offering,” said Michael A. Griffith, CEO of Aptuit. The Quintiles units provide services to 19 of the top 20 drug companies worldwide, as well as many emerging biotechnology and pharmaceutical innovators worldwide.
“We gain an industry-leading team with the right expertise for our business model, a world-class customer base, GMP/GLP facilities, and a range of technologies to support and help drive drug development. From a technical and operational standpoint, the transition to Aptuit will be virtually seamless to employees and customers,” Griffith added.
Aptuit intends to invest $50 million in the business units over the next three years to enhance operations; expand the product and service portfolio; and build the industry’s first seamless IT system that enables end-to-end customer-accessible project management and test data. Once the acquisition is completed, a management team will be named. The deal is expected to close in the third quarter of 2005, a company release stated.