Will build Asia-Pacific business from Japan
Quintiles has sold its minority interest in Invida, an Asia-Pacific commercial solutions joint venture, to the Menarini Group in Italy.
Quintiles, the Zuellig Group and TLS Beta, an Asia investment company, formed Invida in 2006. The Singapore-based firm provides biopharmaceutical product sales support in 13 markets in Asia-Pacific. It has an annual turnover of US$220m and 3,500 employees.
The privately held Menarini Group, based in Florence, now owns all of Invida. Financial terms were not disclosed.
The acquisition of Invida ‘opens up fresh prospects for expansion into a fast growing area, and it will bring new highly skilled competencies to Menarini and in turn, Invida gets access to the vast resources of Menarini,’ said Lucia Aleotti, vice president of the board of the Menarini Group.
As a result of the sale, Quintiles said it would pursue strategic expansion of its commercial solutions in Asia-Pacific by building from its commercial business in Japan, where it is a market leader in outsourced commercialisation solutions.
Quintiles Global Services’ presence in Asia is augmented by its expansion into key emerging markets, such as Russia, Turkey and Egypt. The firm says it is also aggressively pursuing growth strategies in Africa, the Middle East and Latin America.