PharmaNet and Anapharm Europe Formally End Joint Venture

BARCELONA, Spain, Jan. 26, 2011 /PRNewswire/ -- PharmaNet Development Group, Inc. and Anapharm Europe, S.L., both leading providers of drug development services to the pharmaceutical, biotechnology, generic drug and medical device industries, announced that their joint venture for the collaborative provision of bioanalytical services officially ended December 22, 2010.

In conjunction with the termination of this relationship, Dr. Maria Cruz Caturla, Anapharm Europe's majority shareholder, has purchased PharmaNet's minority ownership interest, thus becoming the sole owner of the company.

The companies will independently continue to invest in, and provide to clients, bioanalytical services in their respective laboratory facilities. Additionally, to the extent necessary, the companies will provide coordinated support for those client projects undertaken jointly during the term of the joint venture.

About PharmaNet Development Group, Inc.

PharmaNet Development Group, a recognized leader of global drug development services to the pharmaceutical, biotechnology, generic drug, and medical device industries, provides comprehensive capabilities in Phase I-IV clinical development, bioanalytical and bioequivalence services, regulatory, staffing, and therapeutic solutions. For the applied knowledge and intelligent solutions needed to accelerate drug development programs of all sizes around the world, PharmaNet works for you. For more information, please visit www.PharmaNet.com.

About Anapharm Europe, S.L.

Anapharm Europe is a leading provider of bioanalytical services for the pharmaceutical, biopharmaceutical and generic firms, working with the most prestigious clinical pharmacology units in Spain, the rest of Europe, and around the world. Located in Barcelona, Spain, its GLP-certified laboratory has high-capacity, state-of-the-art equipment and provides high-quality analytical services, tailored to meet specific client needs.

SOURCE PharmaNet Development Group, Inc.; Anapharm Europe, S.L.