ERT Closes the Acquisition of the Research Services Division of CareFusion Corporation
PHILADELPHIA, PA, 01 June 2010. ERT (eResearchTechnology, Inc.), a global provider of technology and services to the pharmaceutical, biotechnology and medical device industries, announced the successful closing of the acquisition of the Research Services Division of CareFusion Corporation (CRS). CRS is a leading provider of respiratory diagnostics services and manufacturer of diagnostic devices and also offers cardiac safety and ePRO services. The combined company offers a market leading position in the clinical research market for cardiac safety services, cardiac safety consulting, respiratory services, ePRO services, and medical devices. The acquisition will serve to diversify ERT’s revenue base, expand its global footprint and increase the potential for development of new services and products in clinical research and healthcare delivery.
Dr. Michael McKelvey, President and CEO of ERT, said “ERT is pleased to announce that we have completed the acquisition of CareFusion’s Research Services Business. The acquisition expands ERT’s capabilities, allows us to pursue new markets and reinforces our position as the leading service and technology provider enabling our customers to more efficiently collect, interpret and deliver clinical data during all phases of drug development.”
As previously reported, ERT paid $80.8 million in cash for CRS and the acquisition allows ERT to integrate all of the CRS offerings into its existing portfolio, delivering the following six strategic benefits:
Establishes ERT as one of the market leaders in respiratory core lab services in the clinical trials market
Provides ERT with a leading diagnostic device capability
Expands ERT’s revenue base in cardiac safety
Provides scale for ERT’s ePRO business, as well as expanding the depth and breadth of its ePRO services
Expands significantly ERT’s global footprint
Accelerates ERT’s movement into healthcare solutions
The completion of this acquisition and the subsequent combination of these two organizations will allow ERT to further innovate to produce better science at a lower cost with the best user experience for the benefit of its clients.
For further press information, please contact Fiona Robinson, The Scott Partnership, 1 Whiteside, Station Road, Holmes Chapel, Cheshire CW4 8AA, United Kingdom. Phone +44 1477 539539, Fax +44 1477 539540, Email firstname.lastname@example.org.
About eResearchTechnology, Inc.
Based in Philadelphia, PA, eResearchTechnology, Inc. (http://www.ert.com) is a global provider of technology and services to the pharmaceutical, biotechnology and medical device industries. The Company is a market leader in providing centralized core-diagnostic electrocardiographic (ECG) technology and services to evaluate cardiac safety in clinical development and centralized respiratory technology and services to evaluate pulmonary function efficacy and safety in clinical development. The Company also provides solutions to streamline the clinical trials process by enabling its customers to automate the collection, analysis, and distribution of ePRO clinical data using multi-mode technology in all phases of clinical development as well as selected medical devices for the clinical trials and healthcare industries.
About CareFusion Research Services
CRS is a business initiative with its roots in the former Erich Jaeger GmbH which was founded in Würzburg, Germany in 1954 as a healthcare device manufacturing and servicing operation. The business entered the clinical research market in 2002 under VIASYS Healthcare Inc. It subsequently became part of Cardinal Health in 2007 when Cardinal Health acquired VIASYS Healthcare Inc. In 2009 CRS was part of the businesses spun off from Cardinal Health with the creation of CareFusion, a $4 billion healthcare company with products and services focused on improving safety and quality of care. CRS currently provides services to 16 of the 20 largest pharmaceutical companies and has supported clinical trials in more than 75 countries and more than 25,000 investigator sites.
About CareFusion CorporationCareFusion (NYSE: CFN) is a global corporation serving the health care industry with products and services that help hospitals measurably improve the safety and quality of care. The company develops market-leading technologies including Alaris® IV pumps, Pyxis® automated dispensing and patient identification systems, AVEA® and Pulmonetic Systems ventilation and respiratory products, ChloraPrep® products, MedMined™ services for infection surveillance, NeuroCare neurological monitoring and diagnostic products, V. Mueller® surgical instruments, and an extensive line of products that support interventional medicine. CareFusion employs more than 15,000 people across its global operations. More information may be found at www.carefusion.com.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, including, but not limited to, the anticipated future financial guidance, and the other expectations and anticipated strategic benefits from, the acquisition, as well as the timing of closing of the acquisition, involve a number of risks and uncertainties such as the ERT's ability to complete negotiation of its new credit facility, obtain all necessary approvals for the transaction and satisfy other closing conditions and successfully integrate CRS into ERT, as well as other factors affecting ERT generally such as its ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues at the sponsoring client, competitive factors, technological development, and market demand. As a result, actual results may differ materially from any financial and strategic outlooks stated herein. Further information on potential factors that could affect ERT’s financial results can be found in its Reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission. ERT undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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