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Biotech / Medical : Pharmaceutical Mktg (PMRX)

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To: Paul Lee who wrote ()	12/15/1998 11:36:00 AM
From: Paul Lee	of 11

Quintiles to buy Pharmaceutical Marketing RESEARCH TRIANGLE PARK, N.C., Dec 15 (Reuters) - Quintiles Transnational Corp. said Tuesday it will acquire Pharmaceutical Marketing Services Inc. (Nasdaq:PMRX - news) for about $197 million in a move to expand into the health care information sector. Quintiles, a pharmaceutical contract provider, said it expects the deal to be neutral to its earnings per share and to be accounted for as a purchase. The acquisition is subject to regulatory approval and should close in the first quarter of next year. The company said the deal includes Pharmaceutical Marketing Services' core company, Scott-Levin, a pharmaceutical market information and research services provider based in Newtown, Pennsylvania. Upon completion of the deal, Scott-Levin will operate under its own name as a wholly-owned subsidiary of Quintiles. Quintiles said the $197 million deal value includes about $90 million in cash held by Pharmaceutical Marketing and about $107 million primarily attributed to Scott-Levin. The agreement calls for individual Pharmaceutical Marketing shareholders to exchange their common stock for Quintiles common stock either by exchanging all shares at closing, or electing to exchange half of their shares at closing and deferring receipt of the other half for 75 days. Under certain circumstances, the agreement may be terminated if Quintiles stock is trading outside of a $41.55 to $62.32 range on Nasdaq. Pharmaceutical Marketing shares were up 2 at 13-7/8 in early trade on Tuesday. Quintiles fell 1 to 55 on the news. Quintiles and PMSI also entered into a stock option agreement, whereby Quintiles may buy up to 19.9 percent of Pharmaceutical Marketing shares for about $12 per share.

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