Covington Associates Advises Eidetics on its sale to Quintiles Transnational Corp.
Boston, MA — May 30, 2008 — Covington Associates today announced it acted as financial advisor to Eidetics, a privately held data analytics and market research consulting company, in its sale to Quintiles Transnational Corp.
Headquartered in the Research Triangle Park, NC, Quintiles provides a broad range of professional services in drug development, strategic partnering and commercialization for the pharmaceutical, biotechnology and medical device industries. The acquisition of Eidetics is expected to strengthen Quintiles’ consulting business in the areas of product development, commercialization and market access. Quintiles is expanding its consulting practice to help its clients navigate the complex business environment.
“We are excited about the opportunity to become part of the Quintiles organization,” said George Mabry, Partner, Eidetics. “We believe that joining Quintiles Consulting would build upon the past success of Eidetics’ business, while providing our clients enhanced clinical, patient and provider data, greater therapeutic depth and access to global resources. Covington Associates understood the importance of finding a good fit which would allow us to leverage greater resources and access to data that will augment our capabilities.”
David Anderson, Vice President at Covington Associates said, “Eidetics brings both experience and an enviable reputation for quality and client service within the market research community. The deal represents another example of continued consolidation in the outsourced service sector, a trend that is likely to continue as pressures mount on the biopharmaceutical industry.”
The terms of the transaction were not disclosed.
Eidetics, headquartered in Boston, Massachusetts, is a privately held market research and consulting company serving the world’s leading pharmaceutical, biotechnology, and medical device companies.
To learn more about Eidetics, visit www.eidetics.com.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to over $1 billion for both private and publicly traded companies.
To learn more about Covington Associates, visit www.covingtonassociates.com.