InVentiv Health comes on board as Pfizer's fourth CRO
- Pfizer has selected inVentiv Health to be its fourth preferred partner for global clinical operations services, in Ventiv said on Monday.
- InVentiv will now join Icon, Parexel, and PPD as Pfizer’s partner contract research organizations (CRO). inVentiv, however, also provides contract commercial services.
- The agreement will run through June 8, 2019—with an option for Pfizer to extend the contract for an additional two years.
InVentiv will focus on Pfizer's clinical operations in oncology, respiratory, pain and neuroscience.
The specific financial terms of the deal with Pfizer were not disclosed in the press release, but the firm has worked with Pfizer before. Outsourcing-Pharma has previously reported Pfizer could divvy up as much as $200 million between PPD and a fourth player, which is now identified as inVentiv.
When it comes to being able to exploit economies of scale, inVentiv is well-positioned.
The CRO is a powerhouse biopharma contractor, boasting operations in over 90 countries and managing over 550 clients, including 20 of the largest multinational pharmaceutical companies. The company claims to have been involved in the development or commercialization of over 80% of new drugs approved by the FDA in the past five years.
The latest deal comes a few months after inVentiv filed for a $100 million IPO with the SEC, aimed it paying down the company’s $2.2 billion debt.
- Outsourcing-Pharma Pfizer names inVentiv as 4th CRO