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Acquisition Significantly Expands Clinical Trial Material Supply Capabilities and Customer Support, Jumps Aptuit to Largest Global Provider by Capacity
Aptuit to Acquire Almedica International Acquisition Significantly Expands Clinical Trial Material Supply Capabilities and Customer Support,Jumps Aptuit to Largest Global Provider by Capacity
GREENWICH, CT, and Allendale, NJ – August 29, 2005 – Aptuit, Inc. and Almedica International today announced that Aptuit will acquire Almedica for an undisclosed cash consideration. Aptuit, an emerging company focused on streamlining and supporting the drug development process for biotechnology and pharmaceutical innovators, plans to merge Almedica with the Quintiles Early Development and Packaging business units, part of an acquisition announced July 19, 2005 and scheduled to close September 30, 2005. Almedica currently provides clinical trial materials to more than 150 customers globally, including many of the largest pharmaceutical companies and numerous biotechnology innovators, and has facilities in Allendale, NJ, and Deeside, United Kingdom.
Following the combination of the acquired Quintiles EDP and Almedica businesses into Aptuit, the combined units will offer significant clinical supply and packaging capacity, and will provide an integrated, highly scalable, global network for drug development, formulation, packaging, distribution and tracking, as well as a state-of-the-art information technology platform providing customers with web-enabled inventory management. This acquisition combines two of the industry's leading teams of experts in clinical trial materials, affording customers increased breadth and depth of knowledge to achieve the most cost-effective, success-oriented outcome. Aptuit customers will have access to centrally-managed resources from five global packaging and logistics facilities, with over 30 primary and over 50 secondary packaging suites, complemented by 27 clinical supply distribution depots reaching over 70 countries around the globe. Additionally, Almedica customers will benefit from Aptuit's leading formulation development capabilities in the U.S. and the U.K.
"Almedica significantly adds to and complements what Aptuit will be able to offer its clients," commented Michael A. Griffith, CEO of Aptuit. "Almedica customers will benefit from our broader suite of services, a truly global supply and distribution network, formulation capability, improved scale-up capacity, and strategic consulting that Aptuit can provide. In addition, Almedica brings strong management, new GMP facilities and enhanced IT capabilities to Aptuit's customer base from the Quintiles acquisition."
Following the closing of the previously-announced Quintiles EDP acquisition and Almedica, Greenwich, Connecticut based Aptuit will employ nearly 2,000 employees in seven operating facilities, with units that generated total revenues of nearly $225 million by providing services to over 250 customers during the past year.
"The Aptuit management team has a track record of building a similar, highly successful company through acquisitions and investment," noted Dr. Ed Neiss, CEO of Almedica International. "They are the ideal fit Almedica has been seeking to help propel the company forward and achieve its full potential. Aptuit has the vision, financial means, and broader capabilities necessary to develop and grow our business and better serve our customer base."
Aptuit intends to invest $60 million in the combined business units over the next three years to enhance operations; expand the product and service portfolio; and establish and support the industry's first seamless IT system. This commitment will provide an arena for customers to achieve the intimate level of attention they desire as they move products through the development and commercialization process. The deal is expected to close in September 2005.
Aptuit, Inc. is an emerging company focused on streamlining and supporting the drug development process for biotechnology and pharmaceutical innovators. The company was founded by a group of industry experts with extensive market experience who have a track record of building a similar, highly successful company through acquisitions and investment. Aptuit will provide a comprehensive suite of product development services and competencies to biotechnology companies and large, fully integrated pharmaceutical companies worldwide. Aptuit's mission is to engineer a better drug development process, and is partnered with Welsh, Carson, Anderson & Stowe, one of the world's largest private equity investors. For more information about Aptuit, please visit www.aptuit.com
ALMEDICA International Inc. is a privately owned company founded in 1976. ALMEDICA provides clinical trial material supplies and global trial medication management services to the pharmaceutical, biopharmaceutical, and CRO industries. Services offered include primary and secondary packaging of investigational medications, label design and printing, patient kit assembly, study drug assignment randomization and "blinding," storage and distribution of trial medication for national as well as global studies, drug accountability, returns management and destruction all done in compliance with GMP regulations. The company has operations in North America (ALMEDICA North America, Allendale, NJ) and Europe (ALMEDICA Europe, Deeside, UK). In 2005 ALMEDICA is celebrating 10 years in Europe as the first global CTM vendor. For more information about Almedica, please visit www.almedica.com