Acquisition Strengthens ICON's Presence & Capabilities in China
DUBLIN--(BUSINESS WIRE)--
ICON plc, (NASDAQ: ICLR; ISIN: IE0005711209), a global provider
of outsourced development services to the pharmaceutical, biotechnology
and medical device industries, today announced that it has agreed,
subject to closing conditions, to acquire BeijingWits Medical Consulting
Ltd., a leading CRO in China. The transaction is expected to close in
the first quarter of 2012.
BeijingWits offers full-service clinical development capabilities and
has a strong track record in clinical trial execution in China. The
company is a renowned expert in Chinese regulatory processes and a
leading advocate of ICH GCP in China. In addition to boosting ICON's
service capabilities in the region, BeijingWits will also strengthen
ICON's presence through the addition of over 100 highly qualified and
experienced professionals in Beijing, Shanghai, Chengdu, Guangzhou,
Wuhan and Hong Kong.
"The acquisition of BeijingWits is a further step in our on-going
expansion in China and the greater Asia-Pacific region," commented
Ciaran Murray, CEO, ICON plc. "An increasing number of our global
clients are looking to undertake research in China and local companies
are also placing more emphasis on R&D, which has resulted in growing
demand for local clinical trial expertise. BeijingWits brings to ICON a
strong leadership team, experienced staff and good relationships with
local investigator sites and regulatory bodies."
"We are delighted to be joining with ICON," commented Dr. Yan Bin Xie,
General Manager and founder of BeijingWits Medical Consulting Company.
"The clinical research market in China is at an exciting stage and
combining our local knowledge with ICON's global infrastructure and
experience will offer clients a formula for successful clinical
development. ICON has strong growth plans for China and Asia-Pacific and
we look forward to playing a leading role in helping them achieve these
goals."
About Beijing Wits Medical Consulting Company
Beijing Wits Medical Consulting Company was founded in 1997. The company
provides services to global and local pharmaceutical, medical device and
biotechnology companies focusing on Phase I to IV Clinical studies.
Beijing Wits currently has more than 100 employees, operating from 6
offices in China.
About ICON plc
ICON plc is a global provider of outsourced development services to the
pharmaceutical, biotechnology and medical device industries. The Company
specialises in the strategic development, management and analysis of
programs that support clinical development - from compound selection to
Phase I-IV clinical studies. ICON currently has approximately 8,300
employees, operating from 77 locations in 39 countries.
Further information is available at www.iconplc.com
Cautionary Note Regarding Forward-Looking Statements
This release contains, and our officers and representatives may from
time to time make, "forward-looking statements" within the meaning of
the safe harbor provisions of the U.S. Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
words such as: "anticipate," "intend," "plan," "expect," "strategy" and
similar references to future periods. Examples of forward-looking
statements include, among others, statements we make regarding our
expectations that the transaction will close and the timing of the
closing, including our belief that the conditions to closing will be
satisfied; and our belief that, upon completion of the transaction,
BeijingWits will strengthen our presence and will allow us to further
our growth plans in China. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead, they are
based only on our current beliefs, expectations and assumptions
regarding the future of our business, future plans and strategies,
anticipated events and trends, the economy and other future conditions.
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in circumstances
that are difficult to predict and many of which are outside of our
control. Our actual results may differ materially from those indicated
in the forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could cause
our actual results to differ materially from those indicated in the
forward-looking statements include, among others, the risk that the
conditions to closing the transaction are not satisfied and, therefore,
that the transaction does not close on a timely basis, or at all;
strategic actions, including our success in integrating BeijingWits;
general economic and financial conditions; the extent to which we are
successful in implementing our strategy, gaining new, long-term
relationships with customers and retaining existing ones; the risk of
competition on our industry; developments and changes in laws and
regulations; and such other factors as discussed in Part I, Item 3 "Risk
Factors" in our Form 20-F for the fiscal year ended December 31, 2010.
Any forward-looking statement made by us in this release is based only
on information currently available to us and speaks only as of the date
on which it is made. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be made
from time to time, whether as a result of new information, future
developments or otherwise.
ICON/ICLR-G
ICON Investors
Investor Relations
1-888-381-7923
or
Sam
Farthing, VP Investor Relations
+ 353 —1-291-2000
or
ICON
Media Contacts
Asia-Pacific:
Ms. Crystal Chang (ICON)
Tel:
+852-3511-6914
or
Rest of World:
Rosie Allan /Genevieve
Tuck
at Weber Shandwick
Tel: +44-020-7067-0000
Source: ICON plc
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