Quintiles Transnational forms new ownership team joined by Bain Capital and 3i

21 Dec 2007

Quintiles Transnational forms new ownership team with current investors Gillings, TPG and Temasek joined by Bain Capital and 3i

RESEARCH TRIANGLE PARK, N.C. – December 21, 2007 – Quintiles Transnational Corp.  today announced the formation of a new investor partnership to support the company’s continued growth under the leadership of current Chairman and CEO Dennis Gillings, CBE, and the management team. Gillings and global private investment firms Bain Capital and TPG Capital are the lead investors in the partnership, with 3i also becoming a significant investor. Temasek Holdings remains an investor in Quintiles.

As part of the transaction, One Equity Partners (OEP), the private equity arm of JPMorgan Chase (NYSE: JPM), will sell its stake in the company to the new investor partnership.  OEP, with Gillings, led the original acquisition of Quintiles along with TPG Capital in September 2003. Terms of the transaction, expected to close in January 2008, were not disclosed, and the company said it is incurring no new debt as a result of the deal.

“Our new investor partnership is a strong reinforcement of Quintiles’ brand and growth strategy,” Gillings said, “and has been spurred by our record performance. We are pleased to move forward with our financial partners Bain Capital, TPG, 3i and Temasek.  The strength of our capital structure and partnership with these leading global investors underscore our unsurpassed ability to bring innovative solutions to the pharmaceutical and biotech industries.  I also want to thank One Equity Partners for their contributions over the past four years.”

Jonathan Coslet, a Partner at TPG, said: “We are pleased to remain Quintiles’ partner through the next stage of its growth in helping pharma and biotech transform their business models.  Dennis and his team have done a remarkable job in building Quintiles into the leading global drug development, commercialization and strategic partnering company.”

John Connaughton, a Managing Director at Bain Capital, stated: “We are very excited to sponsor the next phase of development for Quintiles, a market leader well positioned for continued success in the highest growth segments and regions of the world. We believe Quintiles will continue to play a critical role in bringing healthcare advances and innovations to patients in need. We have been very impressed with management, and look forward to supporting their efforts to advance the company’s global leadership.”

Robin Marshall, a partner at 3i, said, “3i is delighted to partner with Quintiles in the next stage of its development.  Quintiles is a world class business which will continue to have a huge impact in the healthcare industry.  3i will leverage its extensive global healthcare network to help Quintiles continue its growth.”

Notes to editors

About Quintiles Transnational

Quintiles Transnational Corp. is powering the next generation of healthcare by providing a broad range of professional services in drug development, financial partnering and commercialization for the pharmaceutical, biotechnology and healthcare industries.  With about 20,000 employees and offices in more than 50 countries, it is focused on providing customer-centric solutions that are the gold standard of the industry.  For more information, please visit the company’s web site at http://www.qtrn.com/.

About 3i

Established in 1945, 3i is an international leader in private equity and venture capital with assets of $16 billion. 3i invests across Europe, North America and Asia.  Our competitive advantage comes from our international network with more than 250 investment professionals in 14 countries, unrivaled sector depth and an extensive portfolio of approximately 750 companies.   These underpin the value that we deliver to our portfolio and to our shareholders. Please visit www.3i.com

For further information please contact:

Rachel Richards
email. rachel.richards@3i.com
tel.  +44 207 975 3573