Quintiles Adds Premier U.S. Pharma Market Research

Company, Scott-Levin, to its Growing Informatics Services Capabilities RESEARCH TRIANGLE PARK, N.C. (ots-PRNewswire) - Quintiles Transnational Corp. (Nasdaq: QTRN) today completed its acquisition of Pharmaceutical Marketing Services Inc. (PMSI) (Nasdaq: PMRX) and its core operating company, Scott-Levin, a leader in providing pharmaceutical and managed care market information and research services in the U.S. The transaction was completed today after approval by PMSI shareholders at a meeting in which 98.6 percent of all shares voted were in favor of the acquisition. "The Scott-Levin name is synonymous with richly detailed market information that helps U.S. pharmaceutical companies succeed in an increasingly competitive environment," said Dennis Gillings, Ph.D., Chairman and Chief Executive Officer of Quintiles Transnational Corp. "Scott-Levin, in combination with our other healthcare information and product commercialization capabilities, will provide our customers with powerful information to better meet patient needs and capitalize on marketplace opportunities." Scott-Levin is noted for its market research audits used by virtually all major pharmaceutical companies doing business in the United States; strategic studies in such areas as corporate image and sales force structures and strategies; proprietary software for data assimilation and report generation; and managed care industry customer segment profiling databases and audits. Scott-Levin also offers the industry's most comprehensive legislative and regulatory tracking system focused exclusively on pharmaceutical and healthcare activities. Dennis Turner, PMSI's Chairman and Chief Executive Officer, said: "We are very pleased that Scott-Levin is now part of Quintiles and will contribute to its efforts to supply high- quality scientific and market information to enhance pharmaceutical companies' success. Scott-Levin's experience and research expertise will contribute significantly to Quintiles' growing ability to provide pharmaceutical customers with integrated data across the drug development-marketing continuum." Joy Scott, Scott-Levin's founder and Chief Executive Officer, said: "We are delighted to join Quintiles, as we believe this association will further enhance Scott-Levin's ability to deliver innovative products and services backed with superior client service -- the two hallmarks of our success to date." Quintiles acquired PMSI in a merger transaction that will be accounted for as a purchase. Quintiles will issue approximately .3977 shares of its common stock for each share of PMSI common stock outstanding. Quintiles will issue an aggregate of approximately 4,994,000 shares of its common stock to the former PMSI shareholders and assumed options to purchase approximately 440,400 shares of Quintiles stock held by PMSI optionholders. In addition, PMSI shareholders are permitted to elect to exchange either all of their PMSI shares at closing or half of their shares at closing and defer receipt of the other half until June 14, 1999. Each PMSI stockholder who elects to defer has the right to receive a contingent value payment in cash with respect to each share of Quintiles common stock such PMSI stockholder receives on June 14, 1999. The cash value of the contingent value payments will be equal to the amount, if any, by which $38.71 exceeds the average closing price of Quintiles common stock for 10 trading days selected at random by the exchange agent out of the 20 trading days prior to June 14, 1999. Any PMSI stockholder who makes such an election may elect to receive the deferred shares at any time prior to June 14, 1999; however, no contingent value payment will be made for any shares received prior to such date. The contingent value payments terminate if, for any 30 consecutive trading days prior to June 14, 1999, the average closing price of Quintiles common stock is equal to or greater than $38.71. Any PMSI stockholder who elected to defer will not receive any cash if the contingent value payments so terminate. Scott and certain other senior managers of Scott-Levin and PMSI have entered into employment contracts or consultancy arrangements with Quintiles. Scott-Levin will operate under its own name as a wholly owned subsidiary of Quintiles. Based in Newtown, Pennsylvania, Scott-Levin has approximately 240 employees. Quintiles' other significant pending acquisition, ENVOY Corporation, is scheduled to be considered by shareholders of both Quintiles and ENVOY tomorrow, March 30, 1999. Quintiles Transnational Corp. is the market leader in providing a full range of integrated product development and commercialization services to the pharmaceutical, biotechnology and medical device industries. Quintiles also provides healthcare policy consulting and health information management services to healthcare and governmental organizations worldwide. Quintiles is headquartered near Research Triangle Park, North Carolina. With more than 15,000 employees worldwide and offices in 30 countries, Quintiles operates through specialized work groups dedicated to meeting customers' individual needs. Visit the Quintiles Transnational web site at www.quintiles.com . Information in this press release contains "forward-looking statements." These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the ability of the combined businesses to be integrated with Quintiles' current operations, actual operating performance, the ability to operate successfully in the new line of business resulting from the business combination, the ability to maintain large client contracts or to enter into new contracts, and the actual costs of combining the businesses. Additional factors that could cause actual results to differ materially are discussed in the company's recent filings with the Securities and Exchange Commission, including but not limited to its S-3 and S-4 Registration Statements, its Annual Report on Form 10-K, its Form 8-Ks, and its other periodic reports, including its Form 10-Qs. ots Original Text Service: Quintiles Transnational Corp. Internet: http://www.newsaktuell.de CONTACT: Pat Grebe, Media Relations, pgrebe@quintiles.com , or Greg Connors, Investor Relations, invest@quintiles.com , Quintiles Transnational Corp., 919-998-2000 /Web site: http://www.quintiles.com Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents. PROTEXT