Ventiv Health has announced that it will be acquiring PharmaNet very soon. PharmaNet has confirmed this report. PharmaNet is based in Montreal and is presently conducting trials for its Phase 1 clinics. Last week it announced that it is shutting down its operation in Montreal and is cutting off 90% of its employees. This will only leave 70 employees in the Décarie Blvd facility.
However, the company claimed that its operation in Queen Mary Rd will not be affected due to this. The purchase will happen around June 30. The terms and conditions of the purchase are not made to the public yet.
Ventiv Health has claimed that it has signed the deal to purchase its rival. The deal amount is still not made public. However this deal will boost the presence of Ventiv and the sum total will increase to $21 billion.
"One of our key strategic objectives is to be recognized as the leader in every segment where we serve our clients", said Ventiv Health CEO.
Ventiv also claimed that after acquiring PharmaNet it will increase its presence in 40 countries across the globe and will improve the medical conditions and will develop clinics for proper medical care.
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