Danbury, Connecticut-based IMS Health Holdings Inc and Research Triangle Park, North Carolina-based Quintiles Transnational Holdings Inc. announced a definitive merger agreement to create an enterprise valued at more than $23 billion.
IMS has operations in the Phoenix market since 2013 when it acquired Chandler-based 360 Vantage, a developer of cloud-based mobile sales and marketing systems.
IMS Health has 33 employees in Chandler, said Tor Constantino, director of global public relations and external affairs for IMS Health.
He said it’s too soon to determine the impact of the merger on the Arizona market and its operations in Chandler.
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“But I can say that this merger is intended to accelerate growth in the combined company,” Constantino said. “The portfolios of both are complementary and there is very little overlap in the service portfolios of each organization. In the coming weeks and months, a joint integration team from IMS Health and Quintiles will meet to focus on planning, and identifying where opportunities may exist to leverage the strengths of both organizations after the merger is completed. Again, no definitive decisions have been made at this point.”
Joan Koerber-Walker, president and CEO of the Arizona BioIndustry Association, said high quality data is the lifeblood of life science innovation.
“This merger brings together leaders in both market data and the clinical information that enables the drug development process,” she said. “Together they are creating a power house for the aggregation, analysis, and retention of the pre and post market data that is needed across the healthcare continuum.”
The merged company will be named Quintiles IMS Holdings Inc. and will have an equity market capitalization of more than $17.6 billion and an enterprise value of more than $23 billion.
With more than 50,000 employees operating in more than 100 countries, the combined company will boast a portfolio of health information, regulatory and commercial analytic expertise and proprietary technology applications.
The deal is expected to close during the second half of 2016, upon regulatory approvals.
Date: May 5, 2016