PDI Announces Acquisition of InServe Support Solutions and Formation of a Medical Devices & Diagnostics Division
New Division Strengthens PDI's Presence in the Hospital Market
UPPER SADDLE RIVER, N.J., Sept. 25 /PRNewswire/ -- PDI (Nasdaq: PDII) announced today that it has acquired InServe(R) Support Solutions, based in Novato, CA, in a cash purchase transaction. InServe is the leading nationwide supplier of supplemental field-staffing programs for the medical devices & diagnostics industries. The acquisition of InServe accelerates the formation of PDI's Medical Devices & Diagnostics Division, which will allow PDI to expand its reach into both medical device and diagnostics companies and the hospital market. InServe provides hands-on clinical education and after-sales support to maximize product utilization and customer satisfaction. InServe employs over 900 field-based employees comprised of nurses, medical technicians and other clinicians who visit hospitals and alternate-site institutions. InServe's clients include many of the leading medical device and diagnostics companies, including Becton Dickinson, Roche Diagnostics and Johnson & Johnson. The transaction is expected to be neutral to PDI's consolidated earnings in 2001 and 2002. InServe's 2001 net revenue is expected to be between $10 and $11 million. The worldwide medical device and diagnostics industry is a $180 billion market expected to grow to $250 billion by the end of 2004. Lloyd Fishman, a 24-year veteran of the medical device industry, has been named Vice President and General Manager for PDI's Medical Devices & Diagnostics division. Mr. Fishman has held senior positions in sales, marketing, and business development with both small and large companies. Most recently he was with Johnson & Johnson where he headed worldwide marketing for their vascular access business unit. PDI's Medical Devices & Diagnostics Division will provide fully integrated sales and marketing solutions specifically designed for the medical device & diagnostics industries. InServe's expertise in after-sales support completes a total value proposition that PDI believes will help it to design complete marketing solutions for medical device & diagnostics companies. According to PDI Vice Chairman and CEO, Charles T. Saldarini, "PDI has always been on the leading edge of our industry in looking for new ways to grow. We believe we can leverage our industry leading sales and marketing capabilities together with InServe's to provide another platform for growth. The acquisition of InServe demonstrates our commitment to expanding our business model. We now have the ability to access acute care institutions which will positively impact all segments of our business". About PDI PDI is an innovative sales and marketing company serving the pharmaceutical, biotech, and medical devices & diagnostics industries. Partnering with clients, PDI provides product-specific plans designed to maximize profitability throughout a product's lifecycle from pre-launch through maturity. With proven industry experience and over 5,000 sales and marketing professionals, PDI has the demonstrated ability to deliver results. The Company is recognized as an industry-leader based on its track record of innovation and its ability to keep pace in a rapidly changing industry. PDI leverages its expertise in sales, brand management and product marketing, marketing research, medical education, medical affairs, and managed markets and trade relations to create solutions that meet strategic objectives and provide incremental value for product sales. For more information, visit the Company's website at http://www.pdi-inc.com. Safe Harbor In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that statements in this release which look forward in time involve risks and uncertainties that may cause actual results or achievements to materially differ from those indicated by the forward-looking statements. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Therefore, there can be no assurance that the forward-looking statements will prove to be accurate. The Company's documents filed with the SEC identify important factors that may cause the actual results to differ materially from those indicated by the forward-looking statements. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X47356426
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