SOURCE: INC Research

INC Research

July 12, 2011 16:47 ET

INC Research Completes Acquisition of Kendle International

Strategic Combination Creates Leading Global CRO Well-Positioned to Capitalize on Trends in Drug Development Outsourcing

RALEIGH, NC--(Marketwire - Jul 12, 2011) - INC Research, LLC, a therapeutically focused contract research organization (CRO) privately held by Avista Capital Partners and Ontario Teachers' Pension Plan, today announced it has completed the acquisition of Kendle International Inc. (NASDAQ: KNDL) in an all-cash transaction with a total equity value of approximately $232 million or $15.25 per share. The combined company will operate as INC Research, LLC and will be led by James T. Ogle, Chief Executive Officer. Serving in key corporate roles will be Jamie Macdonald, Chief Operating Officer; John Potthoff, PhD, President; David Gill, Chief Financial Officer; Neil MacAllister, Executive Vice President, Corporate and Business Development, INC Research and President, AVOS Consulting; and Mark Roseman, DSc, Executive Vice President, Business Development and Marketing.

With the addition of Kendle, INC Research now employs approximately 5,000 employees across six continents with experience spanning more than 100 countries, placing it among the top-tier CROs worldwide. With enhanced global scale, expanded therapeutic expertise and new levels of operational excellence, the new organization is more strongly positioned to deliver clinical trials of all sizes across the drug development spectrum. This transaction follows INC Research's recent acquisition of Trident Clinical Research, which is now a wholly owned affiliate operating in Sydney, Brisbane, Melbourne, Adelaide, Auckland and Mumbai.

"Biopharmaceutical companies of all sizes are relying on outsourcing partners earlier in the clinical trials process," said Ogle. "This transaction has enhanced our value proposition to global drug developers and given us a broader range of local operations with global oversight, allowing us to maintain high standards and quality results."

INC Research has deployed a joint integration team that already has begun fully integrating the two companies' customers, employees and services. This team will seek to ensure continued delivery on all current trials and maintain the company's Trusted Process®, advisory services and therapeutic expertise, which have been the mainstays of customer relationships.

In connection with the transaction, J.P. Morgan Securities LLC acted as Kendle's financial advisor and Keating, Muething & Klekamp PLL acted as its legal advisor. Morgan Stanley & Co. Inc. acted as financial advisor and Weil, Gotshal & Manges LLP acted as the legal advisor to INC Research.

Visit to learn more about the new organization's expanded services and capabilities.

About INC Research
INC Research is a therapeutically focused contract research organization with a high-performance reputation for conducting global clinical development programs of the highest integrity. Pharmaceutical and biotechnology companies look to INC Research for a complete range of customized Phase I through Phase IV programs in all therapeutic areas and innovative pediatric and women's health trials. The company's Trusted Process® methodology and therapeutic foresight lead customers to more confident, better-informed drug and device development decisions. INC Research is headquartered in Raleigh, NC. For more information, please visit or follow us @inc_research.

About Avista Capital Partners
Avista Capital Partners is a leading private equity firm managing approximately $4 billion of committed capital with offices in New York, Houston, and London. Founded in 2005, Avista's strategy is to make controlling or influential minority investments in growth-oriented energy, healthcare, media, industrial and consumer businesses. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses. For more information visit

About Ontario Teachers' Pension Plan
Ontario Teachers' Pension Plan is invested in INC Research through its private investment department, Teachers' Private Capital, one of the world's largest private equity investors. With $107.5 billion in assets as of December 31, 2010, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. It is an independent corporation responsible for investing the fund and administering the pensions of Ontario's 295,000 active and retired teachers. For more information visit

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