The Contract Research Organization (CRO) and Contract Commercial Organization (CCO) made the announcement today, although financial terms were not disclosed.
The agreement term will run until June 8, 2019, and gives Pfizer with the opportunity to extend the term for up to an additional two years – a setup similar to Pfizer’s current agreement with Icon.
As Outsourcing-Pharma.com previously reported , the existence of a fourth CRO was known, but until today has remained unnamed. David Windley, CFA, CPA, Managing Director, Healthcare Equity Research, Jefferies, predicted that around $200m was being spent with other companies besides Pfizer's previously named providers (Icon, Parexel, and PPD).
If this is the case, then part of this money will now be allocated to the fourth player – InVentiv, who Windley suspected had already been doing “a lot” of business with the company.
According to the company, as a preferred provider, inVentiv has expanded its clinical operations presence with Pfizer and is focused on areas such as oncology, pain, neuroscience and respiratory and data and technology. It also brings more than 14,000 employees and the ability to support clients in 90 countries to the partnership.
inVentiv is not providing any further comment at this time.