Acquisition Will Bolster Quintiles' Expertise in Health-Information
Analytics Services and Create Foundation for Expanded Services Suite
RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--
As part of its continued efforts to strengthen and expand its service
capabilities across the healthcare continuum, Quintiles today announced
that it has signed an agreement to acquire Encore Health Resources
(Encore). Encore is a leader in the health-information analytics and
technology services industry focused on healthcare providers. Through
its consulting services and solutions, Encore assists customers with a
wide range of strategy, advisory, implementation, process-redesign,
optimization, analytics and performance-improvement initiatives.
Founded in 2009, Encore has more than 300 employees located throughout
North America, including approximately 250 consultants. Its primary
business is focused on implementation and advisory services around
electronic health records (EHR). The addition of these capabilities will
enhance Quintiles' EHR expertise, which is becoming increasingly
important as biopharmaceutical customers, payers and providers focus on
measuring outcomes based on real-world performance in terms of clinical
effectiveness and value.
"Today's announcement signifies the increasing importance of leveraging
EHR and real-world information to inform our customers and improve their
probability of success," said Tom Pike, chief executive officer at
Quintiles. "Encore has significant EHR expertise, strong relationships
with many large U.S. provider networks and academic medical centers as
well as experienced consultants, proven tools, and methodologies. It
will be a key strategic addition for our business that will extend our
services suite and allow us to work with Encore to strengthen its
Biopharmaceutical companies are increasingly interested in the
"real-world" outcomes associated with their medicines to enable optimal
market access. Encore's expertise with hospitals and hospital
information will help Quintiles extend its service offerings
meaningfully for biopharmaceutical companies.
By joining Quintiles, Encore will be able to leverage Quintiles' breadth
and depth of capabilities as well as its global scale to accelerate
Encore's vision of enhancing clinical outcomes through data-driven
performance improvement. Additionally, Encore can utilize the expertise
of Quintiles' 950 medical doctors, 900 Ph.D.'s, as well as its nurse
educators and world-class biostatisticians to help hospitals and
providers solve their most pressing population health challenges.
"Today is the beginning of an exciting new chapter for Encore," said
Dana Sellers, chief executive officer, Encore. "Encore was founded with
a focus on driving value through data to improve performance and
clinical outcomes. I believe that this focus and our vision for the
future align well with Quintiles. We will be joining a global leader,
and we look forward to working together to help deliver further
advancements in healthcare."
The transaction, which is subject to standard and customary closing
conditions, is expected to close later this quarter. Upon completion of
this transaction, Encore will join Quintiles' Integrated Healthcare
Services segment and be known as "Encore, A Quintiles Company."
Financial terms of the transaction are not being disclosed. The
acquisition is not expected to have a material impact on Quintiles' 2014
earnings per share.
Quintiles (NYSE:Q) is the world's largest provider of biopharmaceutical
development and commercial outsourcing services with a network of more
than 29,000 employees conducting business in approximately 100
countries. We have helped develop or commercialize all of the top-50
best-selling drugs on the market. Quintiles applies the breadth and
depth of our service offerings along with extensive therapeutic,
scientific and analytics expertise to help our customers navigate an
increasingly complex healthcare environment as they seek to improve
efficiency and effectiveness in the delivery of better healthcare
outcomes. To learn more about Quintiles, please visit www.quintiles.com.
This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Such forward-looking statements
reflect, among other things, Quintiles' current expectations and
anticipated results of operations, all of which are subject to known and
unknown risks, uncertainties and other factors that may cause Quintiles'
actual results, performance or achievements, market trends, or industry
results to differ materially from those expressed or implied by such
forward-looking statements. Therefore, any statements contained herein
that are not statements of historical fact may be forward-looking
statements and should be evaluated as such. Without limiting the
foregoing, the words "anticipates," "believes," "estimates," "expects,"
"intends," "may," "plans," "projects," "should," "guidance," "targets,"
"will" and the negative thereof and similar words and expressions are
intended to identify forward-looking statements. These statements are
subject to risks, uncertainties and assumptions, including our ability
to complete, integrate and achieve our intended objectives with respect
to the proposed acquisition of Encore and those described under the
section entitled "Risk Factors" in Quintiles' annual report on Form 10-K
for the fiscal year ended December 31, 2013, filed with the SEC on
February 13, 2014, as such factors may be updated from time to time in
Quintiles' periodic filings with the SEC, which are accessible on the
SEC's website at www.sec.gov.
These factors should not be construed as exhaustive and should be read
in conjunction with the other cautionary statements that are included in
this release and in Quintiles' filings with the SEC. Unless legally
required, Quintiles assumes no obligation to update any such
forward-looking statement after the date of this release, whether as a
result of new information, future developments or otherwise.
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