- Acquisition adds to eHealth Solutions’ portfolio of marketing services and technology tools
PARSIPPANY, N.J. – November 5, 2002 – Innovex, a unit of Quintiles Transnational Corp. (Nasdaq: QTRN) and a leading commercial solutions provider to pharmaceutical, biotech and medical device industries, today announced the acquisition of substantially all of the assets of Beansprout Networks, a marketing services company based in Cambridge, Massachusetts. Beansprout Networks will be incorporated into Innovex’s eHealth Solutions Group.
The acquisition includes Beansprout’s product lines and brands, customer relationships and a Web-based information network of nearly one-third of the primary care pediatricians in the United States. Payments for the acquisition will be based on the acquired entity’s future profitability. Beansprout Networks provides pediatric professionals with innovative offline and online tools such as customizable practice Web sites, patient education programs and materials to enhance patient care and practice efficiency.
"Beansprout’s technology, content and services complement the services provided to doctors registered with iQLearning," said Scott Clark, Vice President, Innovex eHealth Solutions Group. iQLearning.com, Innovex’s Internet service portal, provides a broad range of healthcare information resources and services to over 85,000 physicians in the United States. "Beansprout’s network of approximately 10,000 primary care pediatricians strengthens Innovex’s position in the pediatrics market," Clark said. "By offering Beansprout programs through our contract sales operations, we can give our customers greater exposure to medical and consumer audiences."
Beansprout Networks Chief Executive Officer Bob Enck will join Innovex as vice president of business development and general manager of Beansprout Networks. "Being part of the iQLearning team is great news for our customers and network members," Enck said. "We can now expand our product offerings across other medical specialties more efficiently and give partners greater access to physicians and the people in their care while offering our physician members access to a wide array of quality programs."
About Beansprout Networks
Beansprout’s flagship product, the Good Health Program, provides doctors with unique, high-quality patient education tools that are placed in the examination rooms of select practices in the network. Current partners for the Good Health Program include major pharmaceutical and nutritional brands. For more information, visit www.beansprout.net.
About Innovex
Innovex, a unit of Quintiles, is a leading commercial solutions provider and offers sales and marketing services designed to accelerate the success of pharmaceutical, biotech and medical device products. For more information, visit www.innovex.com.
Quintiles Transnational helps improve healthcare worldwide by providing a broad range of professional services, information and partnering solutions to the pharmaceutical, biotechnology and healthcare industries. Headquartered near Research Triangle Park, North Carolina, Quintiles is a member of the S&P 500 and Fortune 1000. For more information visit the company’s Web site at www.quintiles.com.
Information in this press release contains "forward looking statements" regarding Quintiles and Innovex that involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the risk that the market for our products and services will not grow as we expect, our ability to efficiently distribute backlog among therapeutic business units and match demand to resources, actual operating performance, the ability to maintain large client contracts or to enter into new contracts, changes in trends in the pharmaceutical industry, and the ability to operate successfully in new lines of business. Additional factors that could cause actual results to differ materially are discussed in Quintiles' recent filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K, its Form 8-Ks, and its other periodic reports, including Form 10-Qs.