Quintiles Transnational has signed an agreement for a joint venture to commercialize pharmaceutical products in the Asia Pacific region. Quintiles’ partners in the joint venture, which will have an investment fund totaling $112 million, are leading Asia Pacific pharmaceutical services group Interpharma Asia Pacific, parent of drug distributor Zuellig Pharma; and Asia investment company Temasek Holdings Ltd.

In June 2005, Quintiles’ signed a letter of intent for the joint venture and each partner is expected to make an equal investment and will own one-third of the company. The joint venture will acquire and commercialize existing and new pharmaceutical products targeted at the needs of the Asia Pacific region and is intended to help drug companies focus their resources on R&D by providing an outsourcing channel for product registration and sales and marketing of their brand portfolios.

Quintiles will transfer its Innovex businesses in Australia, South Korea and India, including approximately 800 employees, to the joint venture. These Innovex businesses provide commercialization expertise and resources to pharmaceutical and biotechnology companies in these countries and New Zealand. In addition, Quintiles will be the exclusive provider of clinical development services required by the joint venture in countries where Quintiles has operations providing those services.

PharmaLink, the Asia Pacific pharmaceutical marketing services division of Interpharma, will be transferred to the new joint venture and will help in the acquisition of these products and, together with the transferred Innovex businesses, subsequent marketing in the Asia Pacific healthcare market. Zuellig Pharma will provide distribution and logistics expertise on a contract basis; Temasek brings overall knowledge of the Asia Pacific healthcare market and investing to meet its needs.

The joint venture will be managed by Brian Nichols, chief executive of PharmaLink, who has more than 30 years’ experience in the pharmaceutical industry in the Asia Pacific region. The transfer of the aforementioned Innovex businesses and employees to the joint venture is targeted for completion in first quarter 2006.