inVentiv plans Asian expansion
Since being bought in 2010 inVentiv has gone on an acquisition spree to add the scale and geographic footprint to compete for big strategic deals. Buying i3 and PharmaNet gave inVentiv offices in Latin America, Asia and Central and Eastern Europe but the company is still looking to expand further.
“We continue to pursue options to strengthen our presence in established and emerging markets, including Japan, and in high-priority countries such as China and India”, Paul Meister, CEO of inVentiv, said. PharmaNet and i3 have offices in Japan, India and China.
Meister spoke about expansion plans following release of the second quarter results. The clinical unit grew sales, on a pro forma basis, by three per cent to $144.7m but earnings before tax dipped year-on-year. inVentiv attributed the decline to timing of an offshoring project and a shift in service mix.
The commercial unit, which currently generates the most revenue, posted a double-digit increase in net sales and earnings. Growth came from the commercial services and communications units, offset, in part, by lower revenue from patient outcomes.
Finally, the consulting business posted a dip in revenue and an 84 per cent drop in earnings. inVentiv said Campbell Alliance, which it bought earlier this year, performed well but the Advanced Insights business continued to decline. Campbell Alliance is now integrated into Advanced Insights.
