SOMERSET, N.J., Jan. 5, 2010 (GLOBE NEWSWIRE) -- inVentiv Health, Inc. (Nasdaq:VTIV), a leading provider of commercialization services to the global healthcare industries, today announced it has acquired ParagonRx, a leading consulting company specializing in pharmaceutical risk management and optimizing medication use. The addition of ParagonRx will position inVentiv as the leading provider of comprehensive, fully-integrated REMS (Risk Evaluation & Mitigation Strategy) and risk management solutions, ranging from strategic consulting and program design to implementation coordination, project tracking and assessment. The acquisition was completed on December 31, 2009.
Based in Wilmington, Delaware, ParagonRx is the industry leader in designing and implementing REMS and other risk management plans for pharmaceutical, biotech and medical device companies, and in developing programs to better market under-utilized drugs. Within inVentiv, ParagonRx will operate as part of the Clinical division, expanding the breadth of inVentiv Clinical's scope of safety science offerings.
"Driving safe and appropriate use of medicine and managing potential risks are key priorities for inVentiv's clients, and thus, we recently launched an integrated REMS offering to support these growing needs," said Blane Walter, Chief Executive Officer of inVentiv Health. "Today we are significantly strengthening our REMS capabilities with the acquisition of ParagonRx, unquestionably one of the industry's top experts in risk mitigation. Their extensive experience in consultative REMS and safety services is an ideal complement to inVentiv Health's broad array of risk communications and REMS implementation services. The resulting combination will enable inVentiv to deliver a truly comprehensive REMS and risk management solution to our clients on a global basis through a single point of contact."
"ParagonRx and inVentiv Health share a commitment to providing healthcare clients with exceptional solutions to complex challenges. We are thrilled to be joining with them to create a premier REMS offering," said Jeffrey Fetterman, Chief Executive Officer of ParagonRx. "In addition, we are excited about the opportunity to work collaboratively with inVentiv to deliver a broader array of drug safety and risk mitigation services to our clients, both in the U.S. and globally."
In the past 12 months, 26 percent of all new drug approvals in the U.S. had an FDA-approved REMS program, and industry analysis suggests that many more REMS and risk management programs will be required by the FDA and EMEA in the coming years.
About inVentiv Health
inVentiv Health, Inc. (Nasdaq:VTIV) is an insights-driven global healthcare leader that provides dynamic solutions to deliver customer and patient success. inVentiv delivers its customized clinical, sales, marketing and communications solutions through its four core business segments: inVentiv Clinical, inVentiv Communications, inVentiv Commercial, and inVentiv Patient Outcomes. inVentiv Health's client roster is comprised of more than 350 leading pharmaceutical, biotech, life sciences and healthcare payer companies, including all top 20 global pharmaceutical manufacturers. For more information, visit www.inventivhealth.com.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause inVentiv Health's performance to differ materially. Such risks include, without limitation: changes in trends in the pharmaceutical industry or in pharmaceutical outsourcing; our ability to compete successfully with other services in the market; our ability to maintain large client contracts or to enter into new contracts; and, our ability to operate successfully in new lines of business. Readers of this press release are referred to documents filed from time to time by inVentiv Health, Inc. with the Securities and Exchange Commission for further discussion of these and other factors.