SOMERSET, N.J., May 6, 2010 (GLOBE NEWSWIRE) -- inVentiv Health, Inc. (Nasdaq:VTIV), a leading provider of end-to-end clinical development, launch and commercialization services to the global pharmaceutical and healthcare industries, today announced that it has entered into a definitive agreement to be acquired by Thomas H. Lee Partners, L.P. (THL), a leading private equity firm, for approximately $1.1 billion.
Under the terms of the agreement, which has been approved by inVentiv's board of directors, inVentiv shareholders will receive $26.00 in cash for each share of VTIV common stock they hold, representing a 52% premium over the $17.15 closing stock price on March 25, 2010, the day before inVentiv announced that it had been approached by financial investors regarding a potential transaction and had formed a special committee to engage financial advisors and evaluate possible courses of action.
"Thomas H. Lee Partners is one of the nation's leading private equity firms and we are excited to be partnering with them. We feel fortunate to have found an investment partner that understands the complexities of the healthcare industry and that is committed to working with inVentiv to help us achieve our long-term vision for growth," said Blane Walter, Chief Executive Officer of inVentiv Health, Inc. "We are pleased that this transaction recognizes inVentiv's value as the leading provider of outsourcing solutions for the global healthcare industry and provides our shareholders with a cash premium for their investment in the company."Todd Abbrecht, Managing Director of THL Partners, said, "We have great confidence in inVentiv's ability to continue to deliver high quality, outsourced, end-to-end services to pharmaceutical companies and other healthcare innovators. inVentiv's range of products and services offers comprehensive outsourcing solutions for its customers and presents numerous opportunities for the Company to continue to grow." The transaction is expected to be completed in the third quarter of 2010, subject to customary closing conditions.