Kendle Rated a "Top CRO to Work With" for Fifth Consecutive Year
CINCINNATI, May 12, 2011 /PRNewswire/ -- Kendle (Nasdaq: KNDL), a leading, global full-service clinical research organization (CRO), today announced it is ranked a "top CRO to work with" in the 2011 CenterWatch Global Investigative Site Survey. Kendle is the only CRO to be ranked consistently among the top three providers for each of the past five years in the annual investigative site surveys conducted by the leading clinical trials publishing and information services company. No other CRO has finished in the top three more than twice during this period.
"Quality relationships with investigative sites around the world are key to delivering clinical trial results on time and on budget for our customers," said Stephen Cutler, PhD, President and Chief Executive Officer. "Kendle's consistent recognition as a top-rated CRO – the only CRO to have been ranked among the top three providers every year since 2007 – is a strong testament to the value we place on building long-lasting relationships across the industry to meet customer needs."
In the 2011 survey, Kendle scored highly for overall relationship quality, with 84.2 percent of sites rating the Company "Good" or "Excellent." Kendle was rated a top-three CRO in 22 of the 29 individual attributes included in the survey, receiving one of the highest scores in the "staff professionalism" category, which was voted by sites as the most critical factor in conducting successful studies. The Company scored exceptionally well on the ongoing study conduct and grant payment performance attributes. Kendle also had one of the highest ratings for low monitor turnover, reflecting a strong focus on development of long-term relationships between CRAs and investigative site personnel.
CenterWatch conducted the global survey of investigative sites between February and March 2011, soliciting online responses from principal investigators, sub-investigators and study coordinators about the quality of their relationships with the CROs they have worked with in the past two years. CenterWatch has conducted investigative site surveys since 1997, traditionally alternating between Europe and North America, with 2011 marking the first year a global survey was conducted. A total of 1,205 sites worldwide completed the survey, which evaluated the performance of CROs across 29 specific relationship attributes relating to general project management, personnel and work-style and project-specific areas. In addition, sites also provided feedback on the importance of these attributes when conducting their clinical trials.
Kendle's rating as a top CRO in the 2011 Global Investigative Site Survey follows its consistently strong performance in the annual CenterWatch investigative site surveys conducted over the past five years. In the 2010 survey of European investigative sites, Kendle ranked third with 76.1 percent of sites surveyed rating the Company as "Good" or "Excellent." The Company ranked second in the 2009 survey of U.S. investigative sites, second in the 2008 survey of European investigative sites and first overall in the 2007 survey of U.S. investigative sites.
Kendle International Inc. (Nasdaq: KNDL) is a leading global clinical research organization providing the full range of early- to late-stage clinical development services for the world's biopharmaceutical industry. Our focus is on innovative solutions that reduce cycle times for our customers and accelerate the delivery of life-enhancing products to market for the benefit of patients worldwide. As one of the world's largest global providers of Phase I-IV services, we offer experience spanning more than 100 countries, along with industry-leading patient access and retention capabilities and broad therapeutic expertise, to meet our customers' clinical development challenges.
On May 4, Kendle and INC Research (http://www.incresearch.com/) jointly announced a definitive merger agreement under which INC Research agreed, subject to the terms and conditions of the merger agreement, to acquire Kendle in an all-cash transaction with a total equity value of approximately $232 million. The Board of Directors of Kendle unanimously approved the transaction, which is expected to close in the third quarter subject to approval by Kendle's shareholders as well as satisfaction of customary closing conditions and regulatory approvals.
For more information, please visit www.kendle.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the proposed transaction between Kendle and INC Research and the expected timing and completion of the transaction. Words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions are intended to identify forward-looking statements. Such statements are based upon the current beliefs and expectations of Kendle's management and involve a number of significant risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Kendle and INC Research. Actual results may differ materially from the results anticipated in these forward-looking statements. There can be no assurance as to the timing of the closing of the transaction, or whether the transaction will close at all. The following factors, among others, could cause or contribute to such material differences: the ability to obtain the approval of the transaction by Kendle's shareholders; the ability to obtain required regulatory approvals of the transaction or to satisfy other conditions to the transaction on the terms and expected timeframe or at all; transaction costs; economic conditions; a material adverse change in the business, assets, financial condition or results of operations of Kendle; and the effects of disruption from the transaction making it more difficult to maintain relationships with employees, customers or other business partners. Additional factors that could cause Kendle's results to differ materially from those described in the forward-looking statements can be found in the periodic reports filed with the Securities and Exchange Commission and in the proxy statement Kendle intends to file with the Securities and Exchange Commission and mail to its shareholders with respect to the proposed transaction, which are or will be available at the Securities and Exchange Commission's website (http://www.sec.gov) at no charge. Kendle assumes no responsibility to update any forward-looking statements as a result of new information or future developments except as expressly required by law.
This communication is being made in respect of the proposed merger transaction involving Kendle and INC Research. In connection with the proposed transaction, Kendle will file with the Securities and Exchange Commission a proxy statement and will mail the proxy statement to its shareholders. Shareholders are encouraged to read the proxy statement regarding the proposed transaction in its entirety when it becomes available, and before making any voting decision, as it will contain important information about the transaction. Shareholders will be able to obtain a free copy of the proxy statement (when available), as well as other filings made by Kendle regarding the Company, INC Research and the proposed transaction, without charge, at the Securities and Exchange Commission's website (http://www.sec.gov). These materials also can be obtained, when available, without charge, by directing a request to Kendle at email@example.com.
Participants in the Solicitation
Kendle and its executive officers, directors and other persons may be deemed to be participants in the solicitation of proxies from Kendle's shareholders with respect to the special meeting of shareholders that will be held to consider the proposed transaction. Information regarding the officers and directors of Kendle is included in its Annual Report on Form 10-K for the year ended Dec. 31, 2010, and the Company's notice of Annual Meeting of Shareholders and Proxy Statement, which were filed with the Securities and Exchange Commission on March 16, 2011, and April 15, 2011, respectively. Other information regarding the participants in the solicitation and a description of their direct and indirect interests, by security holdings or otherwise, which may be different than those of Kendle's shareholders generally, will be contained in the proxy statement (when filed) and other relevant materials to be filed with the Securities and Exchange Commission in connection with the proposed transaction.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
SOURCE Kendle International Inc.