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Person › Details
Gregory Holmes (SFBC International Inc.)
Holmes, Gregory (SFBC International 200407 Executive Vice President)
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Organisation | SFBC International Inc. |
| Today | PharmaNet Development Group Inc. | |
| Group | PharmaNet (Group) | |
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Product | mass spectrometry services (MS services) |
SFBC International, Inc.. (7/26/04). "Press Release: SFBC International Significantly Expands Bioanalytical Capabilities through New Jersey-based Acquisition and New Toronto-based Bioanalytical Laboratory". Miami, FL.
SFBC International Completes Acquisition of Taylor Technology, Inc.; SFBC Anapharm To Open Bioanalytical Laboratory in Toronto to Address Market Demand
SFBC International, Inc. (NASDAQ: SFCC), a provider of specialized drug development services to global and specialty pharmaceutical, biotechnology and generic drug companies, announced today that it has increased significantly its bioanalytical service capabilities through the closing of an accretive acquisition of Taylor Technology, Inc. (TTI), a private company focused primarily on bioanalytical laboratory services, as well as the establishment of a state-of-the-art bioanalytical lab at SFBC Anapharm's Toronto facility.
Taylor Technology, Inc., based in Princeton, NJ, offers quantitative bioanalytical mass spectrometry services primarily in Phases I - IV of drug development for the pharmaceutical industry. TTI has significant expertise in developing, validating and performing methods for the quantitative analysis of drugs and/or metabolites in biological fluids, such as blood, serum, plasma, or urine through the implementation of equipment such as high-pressure liquid chromatography-tandem mass spectrometry (LC-MS-MS) and gas chromatography-tandem mass spectrometry (GC-MS-MS). The Company specializes in supporting developmental new drug programs for major pharmaceutical companies.
The agreement provides for the acquisition of 100% of the stock of TTI for approximately $20.9 million, comprised of approximately $16.9 million in cash and approximately $4.0 million in restricted common stock of SFBC International. For the 12 months ended June 30, 2004 TTI's unaudited net revenue was approximately $11.5 million and unaudited EBITDA was approximately $3.2 million. The acquisition is expected to be immediately accretive to SFBC's earnings per share on a GAAP basis. Of TTI's top 10 clients, only one has a significant relationship with SFBC for bioanalytical services. SFBC entered into long-term employment agreements with senior management, including Dr. Paul Taylor, President and founder of Taylor Technology.
Effective immediately, SFBC will jointly market TTI and SFBC's wholly-owned subsidiary SFBC Analytical, Inc., which operates a bioanalytical laboratory in Philadelphia, PA, as SFBC Analytical. Dr. Taylor will report directly to Dr. Marc LeBel, President and CEO of SFBC Anapharm. All 65 of TTI's current employees are expected to continue with SFBC Analytical.
In addition, SFBC International announced today that SFBC Anapharm, its wholly-owned subsidiary, will open a bioanalytical laboratory at the Company's facility in Toronto. The new 10,000 square-foot laboratory will be solely devoted to the LC-MS-MS technology platform. This laboratory will be an extension of SFBC Anapharm's very successful Quebec City bioanalytical laboratory and will continue to develop assay methods for the global pharmaceutical, generic drug and biotechnology industries. Cutting-edge robotic instruments will secure a large output in biological sample analysis.
The Company intends to invest approximately $4.0 million in capital expenditures, comprised of equipment, software and build out, for the new bioanalytical laboratory in Toronto. SFBC anticipates the lab will open in January 2005.
Dr. Lisa Krinsky, Chairman and President of SFBC International, commented, "The combination of the accretive acquisition of TTI and the expansion in Toronto will enable us to significantly strengthen our position within the industry and provide us with additional revenue opportunities within a broader base of branded and generic pharmaceutical companies. The TTI acquisition is highly complementary both in terms of the technical expertise and capabilities as well as the existing client base. As we have experienced with our previous acquisitions, we believe there are significant additional revenue opportunities that can be created through the combination of TTI with the existing service offerings of SFBC. We believe that we will be able to leverage this new bioanalytical lab, increase the lab's growth and broaden its client base. The increased capabilities and capacity gained through these two initiatives will enable us to more effectively meet the increasing demand for our services and will support our continued growth in both revenue and profitability."
Dr. Gregory Holmes, Executive Vice President of SFBC International, stated, "We continue to experience significant demand for our bioanalytical services throughout North America and Europe and we are very pleased that we have been able to achieve two key milestones to further enhance and expand our core capabilities and capacity. As our reputation and position in the marketplace continues to grow, it is extremely important that we maintain the highest level of quality in our services, technical capabilities and management strength. With the TTI acquisition and the Toronto expansion, I believe we have accomplished these objectives as well as strengthening our position with leading pharmaceutical and generic companies for the future. We have a history of successful acquisitions that are accretive, complement our service offerings and provide us with strong senior management and client relationships. We believe we can continue to find additional attractive acquisition opportunities in the future."
"Based on the success that we've been able to deliver from our bioanalytical services offering, we are excited by these new opportunities," said Dr. LeBel. "Toronto represents an important geographical location for pharmaceutical research in Canada and we expect to replicate in Toronto the success we have achieved throughout SFBC's bioanalytical laboratories with the high quality, technical expertise and dedication exhibited by our employees."
Dr. LeBel concluded, "In addition to having a highly complementary client base, the acquisition of TTI will enable us to provide an additional technology platform for new and existing clients for bioanalytical services and will enhance our extensive expertise in the market. The bioanalytical market is extremely relationship driven because our clients are entrusting us with their proprietary assays. We believe that TTI's relationships, as well as its significant expertise and recognition within the bioanalytical market, especially in the field of hormone biomarkers, will further contribute to our leading position in the marketplace."
As a result of the acquisition of TTI and the Toronto expansion, SFBC will have bioanalytical laboratories in Quebec City, Quebec; Toronto, Ontario; Philadelphia, PA; Princeton, NJ and Barcelona, Spain.
Conference Call Information
SFBC will host a live conference call and listen-only Webcast to discuss its second quarter 2004 results, the acquisition of Taylor Technology and the new bioanalytical laboratory in Toronto at 8:30 a.m. EDT on Wednesday, July 28, 2004. To participate in the conference call, please dial 800-473-6123 (United States) or 973-582-2706 (International). A listen-only Webcast of the conference call will be available at www.sfbci.com. SFBC is scheduled to release its second quarter 2004 results after the market close on Tuesday, July 27, 2004.
For those unable to participate in the live conference, there will be an audio replay available from July 28, 2004 at 11:00 a.m. EDT through August 12, 2004 at 11:59 p.m. EDT, by dialing 877-519-4471 (United States) or 973-341-3080 (International) and entering the pass code: 4964880 for both telephone numbers. In addition, a replay of the live Webcast will also be available at www.sfbci.com from July 28, 2004 at 11:00 a.m. EDT through August 27, 2004 at 11:59 p.m. EDT.
About Taylor Technology, Inc. (TTI)
Founded in 1992, Taylor Technology, Inc. is a privately held contract bioanalytical laboratory focused on quantitative bioanalytical mass spectrometry services for the pharmaceutical industry. Its services are utilized across the spectrum of the drug development process from Phase I - IV.
About SFBC International, Inc.
SFBC International, Inc. is a contract research organization, providing a range of specialized drug development services to pharmaceutical, biotechnology and generic drug companies. The Company is a provider of early clinical development services, specializing primarily in the areas of Phase I and Phase II clinical trials and bioanalytical laboratory services. SFBC also provides a range of complementary services to its clients, including early clinical pharmacology research, biostatistics and data management, and regulatory and drug submission as well as Phase III and Phase IV clinical trial management services in select therapeutic areas. Additional information is available at the Company's website, http://www.sfbci.com/ or by contacting Evan Smith or Erica Pettit, KCSA Worldwide, at 212-682-6300.
Forward-Looking Statements
The statements made in this press release concerning TTI being immediately accretive, the retention of TTI's employees, the opening of the Toronto laboratory, anticipated capital expenditures, revenue growth opportunities and leveraging, our growing reputation, future acquisitions, the anticipated success of the Toronto laboratory and TTI's contributions are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Additionally words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include, but are not limited to, SFBC's ability to integrate TTI, its clients and its employees, regulatory changes, changes affecting the clinical research industry, a reduction of outsourcing by pharmaceutical and biotechnology companies, our ability to compete internationally in attracting pharmaceutical companies in order to develop additional business, our clients' ability to provide the drugs and medical devices used in our clinical trials, the economic climate nationally and internationally as it affects drug development operations, and the future market price of our stock. Further information on the Company's risk factors is contained in the Company's Form 10-K and other filings with the Securities and Exchange Commission.
Contacts
SFBC International, Inc.
Ana Lopez, 305-895-0304
or:
KCSA Worldwide
Evan Smith, CFA / Erica Pettit
212-896-1251 / 212-896-1248
Record changed: 2011-11-25 |
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