OXFORD, English, January 12, 2012 /PRNewswire/ --
PharmaVentures announced today that it was delighted to play an advisory role in the Sanofi - Covance deal which won Scrip's 'Outsourcing Deal of the Year 2011'.
The judges described the deal as 'impressive' as it was "one the largest and most comprehensive R&D alliances in the history of the pharmaceutical and CRO industry".Under the terms of the agreement, Sanofi retains access to some of the capabilities that were divested to Covance as part of a long-term strategic alliance. Covance will provide Sanofi with an up to 10-year sole source relationship for central lab services.
Kevin Bottomley, Head of Transactions at PharmaVentures who was lead advisor to Sanofi on the deal said: "This is a great recognition for Sanofi as this was a ground-breaking deal which ultimately supports both its overall strategic intent."
Fintan Walton, Chief Executive of PharmaVentures said: "Deal making has become both more complex and more sophisticated. This Scrip Award recognises how PharmaVentures' clients are reaching new heights in deal making. We are delighted to be advisors to this award winning deal."
Over the years PharmaVentures has built considerable experience in the M&A field including divestments of manufacturing and R&D businesses.
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SOURCE PharmaVentures Ltd