PharmaNet Development Group is working with a financial advisor to pursue strategic alternatives, including the potential sale of the company. “The Board of Directors and management believe that pursuing strategic alternatives will maximize shareholder value,” commented Jeffrey P. McMullen, president and chief executive officer. “I strongly believe this approach will provide a more positive outcome for our clients and employees.”

As part of the process, the company recently received several confidential, non-binding written expressions of interest from a number of parties, none of whom are direct competitors, according to a company statement. The company does not intend to comment further on the strategic alternative process unless or until a definitive agreement has been reached or the Company changes its strategic direction. UBS Investment Bank is working as its financial advisor.

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