2004
Pfizer to purchase drug delivery technology venture from PA Consulting Group
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23 September 2004
Pfizer Inc and PA Consulting Group today announced the signing of a transaction in which Pfizer will purchase the remaining 90% ownership of Meridica Limited, a drug delivery technology company, for $125 million and a contingent payment. The transaction is subject to normal conditions and is expected to close in the fourth quarter.
Meridica is a drug delivery technology company that designs and develops technologies for the pharmaceutical industry. It was established by PA Consulting Group, the management, systems and technology consulting firm, in May 2001 as part of the firm's venture program. In October 2003 Pfizer purchased a 10% interest in the company and licensed the rights to Meridica's dry powder inhaler.
Dr Kelvin Cooper, Senior Vice President, Worldwide Pharmaceutical Sciences, Pfizer, said:
"The acquisition of Meridica strengthens Pfizer's presence in the growing allergy and respiratory therapeutic area, where there remains a high level of unmet medical need. Meridica has a proven track record in developing technologically advanced drug delivery systems, and its strength in this area will help Pfizer accelerate the development of allergy and respiratory product candidates in our pipeline."
Meridica's Chief Executive Officer, Dr Ian J Smith, said:
“We are delighted to be joining such a successful, world-class pharmaceutical company. It is a tremendous endorsement of both Meridica's technologies and our committed and innovative staff. We are very excited about the future and our work in developing new products that will benefit millions of patients with respiratory disease."
Jon Moynihan, Executive Chairman of PA, said:
"This deal with Pfizer is recognition of Meridica's major achievements, accomplished in a startlingly swift timeframe, its innovative technologies and PA's wider venture program. The deal offers a healthy return to our shareholders, giving PA additional confidence to invest further in some of the promising new ventures that we have coming through at the moment. The future holds significant opportunity for Meridica and we wish our colleagues every success with Pfizer."
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Notes to editors
1. About PA Consulting Group
PA Consulting Group is a leading management, systems and technology consulting firm. Operating worldwide in more than 35 countries, PA draws on the knowledge and experience of 3,000 people, whose skills span the initial generation of ideas, insights and solutions all the way through to detailed implementation.
PA focuses on creating benefits for clients rather than merely proposing them. Our work is founded on powerful insights into our clients' issues, and in the private sector in particular, on the need to deliver superior shareholder returns. We help accelerate business growth by developing innovative products for our clients and by the application of emerging technology. We deliver major transformation programmes, mobilize human resources, and manage complex IT and technically-challenging programmes.
PA's results-focused approach is founded on a unique commitment to excellence, value and independence:
- Excellence. We are committed to unremitting excellence and quality in every aspect of our work: in our relationships with our clients, in the client assignments we deliver, and in the people we recruit and develop, who enjoy exciting and rewarding careers at PA.
- Value. PA's consultants bring an intense focus on delivering value through deep industry insight, the development and application of technology, and our culture of respect, collaboration and flexibility in working with clients.
- Independence. PA is independent of outsourcing, software, hardware and audit providers. We are the pre-eminent client-side advisor on IT and outsourcing projects, and deliver, in partnership with our clients, business solutions tailored to our clients' needs, rather than solutions pre-determined by commercial alliances. As an employee-owned company, we are answerable to our clients and to ourselves only.
www.paconsulting.com
2. About Pfizer Inc
Pfizer Inc discovers, develops, manufactures and markets leading prescription medicines for humans and animals, including many of the world’s best-known consumer brands.
3. About Meridica
Meridica is a drug delivery company specialising in the development of creative solutions for inhaled, nasal and parenteral routes of administration. In addition to its unique micro-dosing system for dispensing drug powders, it has developed a novel multi-unit dose dry powder inhaler for the delivery of drugs to the lung for the treatment of respiratory conditions. Meridica is a PA Group Company and is based in Cambridge, UK.
www.meridica.com
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