AAIPharma Inc. today announced a definitive agreement to
acquire Cvitkovic & Associes Consultants S.A. (CAC), an international
contract research organization specializing in oncology drug
development and medical consulting. The acquisition of CAC provides
AAIPharma with additional therapeutic expertise, while further
strengthening its global clinical development business.
With over ten years of international experience in all clinical
phases of oncology drug development, CAC has extensive experience in
performing lead assessment of new analogues of established drugs as
well as novel target-oriented compounds. The company has developed
expertise in a wide range of cancer therapies, including cytotoxics,
cytostatics, monoclonal antibodies, cell-based therapies, vaccines,
antiangiogenic agents, apoptosis inducers and hormonal therapies.
CAC brings to AAIPharma specialized, full-service capabilities in
the early-stages of oncology drug development as well as in conducting
large international Phase IIb/III studies. CAC is headquartered in
Paris, France, and has offices in the United States, Europe (Western,
Central & Eastern), and Latin America.
"The acquisition of CAC constitutes a major step in building a
world class drug development organization that is focused on bringing
content-rich and innovative services to its customers worldwide," said
Ludo Reynders, Ph.D., AAIPharma president and CEO. "In addition to
expanding the Company's therapeutic expertise, the capabilities of CAC
complement the clinical services that AAIPharma currently provides its
clients. We are committed to ensuring a smooth transition for CAC's
customers, vendors and employees, and look forward to fully utilizing
the new competencies and capabilities that CAC brings to accelerate
and enhance the organic growth of our company."
Professor Esteban Cvitkovic, CAC chairman and founder, stated,
"Having established our own model of clinical CRO services based on
therapeutic specificity combined with medical and scientific know-how,
CAC has now reached the limits of its organic growth. With AAIPharma,
we can incorporate our oncology expertise and differentiation into a
larger professional organization that shares our vision. The
relationship between a CRO and industry must be a bridge between
medical needs and new therapeutic possibilities. Passing on the
successful critical mass of our efficient worldwide team to a larger
structure will allow us to realize our model's full potential."
The acquisition, which is expected to close in the fourth quarter
of 2006, is subject to customary closing conditions. Terms of the all
cash transaction have not been disclosed.
About AAIPharma
AAIPharma Inc. is a global provider of product development and
support services to the pharmaceutical, biotechnology and medical
device industries. From a single test through a range of integrated
service offerings, we create value to an industry in search of
productivity and innovation. For more information on the Company,
please visit AAIPharma's website at www.aaipharma.com.
