05.05.11
INC Research has entered a definitive merger agreement to acquire Kendle International for approximately $232 million in cash. Kendle is a top global CRO with Phase I-IV clinical development expertise and more than 3,000 associates in 31 countries. Kendle’s board unanimously approved the transaction, which is expected to close in the third quarter, subject to customary closing conditions. Company founder Candace Kendle announced she was stepping down from her roles as president and chief executive officer in February 2011. She became non-executive chairman of Kendle as of May 1.
“Joining forces with INC Research is the right decision for our customers and shareholders. Combining our highly complementary assets will provide the scale and scope for the combined company to deliver outstanding global teams, therapeutic expertise and operational excellence for clinical trials of all sizes,” said Kendle president and chief executive officer, Stephen Cutler, Ph.D. ”Because both companies are known for conducting high-quality clinical work and share a common culture based on excellent service delivery, we will be able to maintain a customer-centric focus on each individual project.”
“The combination of INC Research and Kendle will enable us to deliver broader capabilities and reach a critical mass for the emerging drug development outsourcing and alliance partnership models,” said James Ogle, chief executive officer of INC Research. ”Together, we bring complementary strengths and expand the breadth and depth of services and expertise that are most valuable to our customers.”
“Joining forces with INC Research is the right decision for our customers and shareholders. Combining our highly complementary assets will provide the scale and scope for the combined company to deliver outstanding global teams, therapeutic expertise and operational excellence for clinical trials of all sizes,” said Kendle president and chief executive officer, Stephen Cutler, Ph.D. ”Because both companies are known for conducting high-quality clinical work and share a common culture based on excellent service delivery, we will be able to maintain a customer-centric focus on each individual project.”
“The combination of INC Research and Kendle will enable us to deliver broader capabilities and reach a critical mass for the emerging drug development outsourcing and alliance partnership models,” said James Ogle, chief executive officer of INC Research. ”Together, we bring complementary strengths and expand the breadth and depth of services and expertise that are most valuable to our customers.”