BURLINGTON, Mass., June 27, 2016 /PRNewswire/ -- inVentiv Health Inc., a global professional services organization designed to help the biopharmaceutical industry accelerate the delivery of much-needed therapies to market, today announced that it has been selected by Pfizer Inc. ("Pfizer") as one of its preferred partners in the delivery of clinical operations services to support Pfizer's portfolio.
inVentiv Health – comprised of a top-tier CRO and the industry's only Contract Commercial Organization (CCO) – is now a preferred partner in Pfizer's sourcing strategy for global clinical operations services. The agreement term is until June 8, 2019, and provides Pfizer with the right to extend the term for up to an additional two years. Financial terms of the agreement were not disclosed.
"Complex science and challenging marketplace dynamics are driving the need for new, accelerated approaches to clinical development," said Michael McKelvey, Ph.D., President of the Clinical Division at inVentiv Health. "This agreement is an indication that our leading full-service clinical offerings are value-enhancing and scalable. We designed this approach to deliver patient-centric outcomes in an increasingly competitive environment."
As a preferred provider, inVentiv has expanded its clinical operations presence with Pfizer and is focused on therapeutic excellence in the areas of oncology, pain, neuroscience and respiratory and data and technology-driven efficiencies.
"Our comprehensive clinical services have proved to be an asset in our work with Pfizer," said Gregory Skalicky, Chief Commercial Officer, inVentiv Health Clinical Division. "The expansion of our relationship under this new preferred provider status will allow us to continue to seamlessly orchestrate our full suite of clinical solutions. We're committed to realizing improved efficiencies in support of Pfizer's clinical development activities."
About inVentiv Health
inVentiv Health is a global professional services organization designed to help the biopharmaceutical industry accelerate the delivery of much-needed therapies to market. Our combined Clinical Research Organization (CRO) and Contract Commercial Organization (CCO) offer a differentiated suite of services, processes and integrated solutions that improve client performance. With more than 14,000 employees and the ability to support clients in 90 countries, our global scale and deep therapeutic expertise enable inVentiv to help clients successfully navigate an increasingly complex environment. For more information, visit inventivhealth.com.
This press release contains forward-looking statements. These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in and forward looking statement and such forward-looking statements should not be unduly relied upon. Factors that could prevent us from achieving our goals, and cause the assumptions underlying forward-looking statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements include, but are not limited to, the following: the impact of client project delays, cancellations and terminations, including the impact on our backlog; the failure to convert backlog into net revenues; our ability to accurately price our contracts and forecast costs; our ability to achieve operational efficiencies or grow our net revenues faster than expenses; the risks related to our relationships with existing or potential clients who are in competition with each other; our ability to recruit suitable willing investigators and patients for clinical trials; our ability to maintain insurance coverage for our operations and indemnification obligations; the impact of a loss of our access to certain data assets; the potential liability associated with injury to clinical trial participants; the risk of client concentration or concentration in therapeutic areas; our ability to successfully develop and market new services and enter new markets; the impact of any downgrade in our current credit ratings; our history of losses and our ability to achieve and sustain profitability in the future; changes in outsourcing expenditures for clinical development and commercialization services by companies in the biopharmaceutical industry; the impact of government regulators or clients limiting a prescription's scope or withdrawing an approved product from the market; the potential impact of healthcare reform initiatives or from changes in the reimbursement policies of third-party payers; the impact on our clients of lower cost generic and other competing products; the impact of costs, liability and reputational harm from failing to perform our services in accordance with contractual requirements, regulatory standards and ethical considerations; the risks associated with an industry-wide reduction in demand for CRO services; the effect of covenant restrictions in our debt agreements on our ability to operate our business; and our ability to service our substantial indebtedness. Readers are referred to the "Risk Factors" discussion in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2015 and item 1A of our Quarterly Report on Form 10-Q for the three months ended March 31, 2016, each on file with the Securities and Exchange Commission, for a further description of these risks and other factors that could prevent us from achieving our goals and cause the assumptions underlying forward-looking statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements. We undertake no obligation to publicly update any forward-looking statements.
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SOURCE inVentiv Health, Inc.