Following a flurry of Quintiles acquisitions, the pharmaceutical services company now has news of a sale.
Quintiles has sold its minority stake in drug commercialization joint venture Invida six years after forming the Asia Pacific-focused company with two other strategic investors. Menarini Group, a private Italian pharmaceutical company, has acquired all of Singapore-based Invida. Financial terms of the deal were not disclosed.
Durham, North Carolina-based Quintiles formed Invida in 2005 with Asian pharmaceutical distribution firm The Zuellig Group and Asia investment company TLS Beta. Invida currently supports biopharmaceutical sales for pharmaceutical companies in 13 markets in the Asia Pacific region.
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Menarini is already established as a global biopharmaceutical services provider with a presence in 100 countries and annual revenue of $4.13 billion. The company said Invida would provide it a gateway to growing opportunities in Asia’s emerging markets. Invida will remain in Singapore becoming Menarini’s Asian headquarters. Invida CEO John Graham will remain with the company to lead Menarini’s Asia Pacific operations.
Quintiles has been active in the fourth quarter making CRO M&A deals. Late last month, Quintiles announced three acquisitions in the span of a week that augmented the company’s pharmaceutical services offerings. The sale of Invida does not signal a Quintiles retreat from the Asia Pacific market. Rich Pilnik, president of Qunitiles’ Global Commercial Solutions unit, said in a statement that the company will grow in Asia but the company will now be building business from its base of operations in Japan. Quintiles said it has also made investments to boost its capabilities to serve emerging markets in other regions, expanding in Russia, Turkey and Egypt, among other markets.
Photo from Flickr user jjcb
