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Glaxo Won't Renew With PDI

PDI (PDII - Get Report) said GlaxoSmithKline (GSK - Get Report) won't renew its contract sales engagement for 2007.

The Saddle River, N.J., contract sales outfit said the Glaxo deal represents $65 million to $70 million in annual revenue and will expire as scheduled on Dec. 31, 2006. PDI's revenue for 2005 was $319 million.

"While we are disappointed with this decision, we are proud of the work we have done for GSK over the past three years and look forward to working with them again in the future," said CEO Michael Marquardt. "Our immediate priority is to develop other opportunities to redeploy our employees who comprise this sales team."

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