Quintiles (NYSE: Q), the world’s largest life science services firm, is growing even larger with the acquisition of a nearby competitor – Novella Clinical.
The deal was announced early Wednesday.
Financial terms were not disclosed.
Novella has some 300 employees in the Triangle and 800 overall.
The primary focus for services at Novella is oncology, although as a contract research organization it also works with medical device and diagnostic services customers.
After the deal closes, Novella will operate as Novella Clinical, a Quintiles company.”
“The expertise and insight the Novella team brings will be a strong addition to our existing capabilities and help further differentiate Quintiles in an increasingly competitive marketplace,” said Paula Brown Stafford, president of Clinical Development for Quintiles. “Novella’s understanding of emerging companies, as well as our shared commitment to quality, customer service, and above all, the patients we ultimately serve, makes this acquisition a good fit for both organizations. We look forward to working collaboratively with Novella to leverage the synergies that exist between our companies to help drive business growth while continuing to meet the needs of our customers.”
While not disclosing details of the deal, Quintiles said the transaction is “not expected to have a material impact” on its 2013 earnings.
“We are extremely excited about the opportunity to join Quintiles – the global leader in our industry,” said Richard Staub, CEO of Novella, in a statement. “Since our founding 15 years ago, Novella has been committed to serving emerging companies by offering personal attention and flexibility in addition to our extensive therapeutic experience. By joining Quintiles, we will be able to extend the geographic reach of our services exponentially while remaining committed to the values and business approach that makes us a great partner to our customers.”
Quintiles has some 2,300 employees in the Triangle and 2,300 overall across North Carolina.
