inVentiv Health to be acquired by Thomas H Lee Partners for $1.1 billion
07 May 2010
inVentiv Health, Inc, a leading services provider to the global pharmaceutical and healthcare industries, yesterday agreed to sell itself to private equity firm Thomas H Lee Partners, (THL) for approximately $1.1 billion.
Founded in 1997 and based in Somerset, New Jersey, inVentiv Health provides value-added services to the pharmaceutical and life sciences industries. The company supports a range of clinical development, communications, and commercialisation activities critical to developing new drug products and medical devices.
InVentiv Health operates in four business units, InVentiv Communications, InVentiv Clinical, InVentiv Commercial and InVentiv Patient Outcomes.
Its 2009 revenues were $928 million and net income was $46 million. For the first quarter, inventive reported earnings of $10.2 million, up from $7.9 million a year earlier.
Under the terms of the agreement, which has been approved by inVentiv's board of directors, inVentiv shareholders will receive $26 in cash for each share of VTIV common stock they hold, representing a 7.2 per cent premium to 5 May closing price.
But the premium is actually 52 per cent since inVentiv's share price soared from 25 March 2010, the day the company announced that it had been approached by investors.
The deal is valued at $1.1 billion including debt assumption.