RPSE Res.Phm.Reg S

 

TIDMRPSE 
 
RNS Number : 7609P 
Research Pharmaceutical SRV, Inc 
30 March 2009 
 

March 30, 2009 
 
 
ReSearch Pharmaceutical Services, Inc. 
 
 
RPS Announces Agreement to Acquire Paramax and Expand RPS' Global Capabilities 
into China 
 
 
ReSearch Pharmaceutical Services, Inc. ("RPS" or the "Company"), a leading 
provider of integrated clinical development outsourcing solutions to the 
bio-pharmaceutical industry, is pleased to announce its entry into an agreement 
to acquire a privately-held clinical research organization, Paramax 
International Inc. ("Paramax"), for total consideration of $1.0 million in cash 
and 530,973 shares of RPS common stock, par value $0.0001 per share ("Shares"). 
The cash element of the consideration is being satisfied from the Company's 
existing cash resources.  The acquisition is anticipated to close in late May 
2009, upon satisfaction of certain closing conditions. 
 
 
When completed, the acquisition of Paramax will provide the Company with 
expanded capabilities in the Asian market and complement its current operations 
in the Americas and Europe.  RPS believes its continued global expansion will 
give the Company greater scale to meet the growing needs of its customers in the 
rapidly expanding market for global clinical development and integrated clinical 
research services.  Paramax has headquarters in Beijing, China with an 
operations office in Shanghai, and will serve as the Company's Asian base of 
operations as it continues its planned expansion across Asia. 
 
 
The Shares will be held in escrow and released in three equal portions on the 
three month, 12 month and 18 month anniversaries of completion of the 
acquisition, subject among other things to there being no claims for 
indemnification then outstanding. Any Shares not released from escrow to 
Paramax's shareholder will be returned to RPS for cancellation or to be held in 
treasury. Following closing of the acquisition, application will be made for the 
admission to trading on AIM of the Shares. A subsequent announcement will be 
released at completion. 
 
 
Commenting on the pending acquisition, Dan Perlman, Chief Executive Officer, 
said: 
 
 
"The acquisition of Paramax will be a key event in the expansion of our existing 
operations for providing globally integrated clinical research services.  The 
capabilities that the management and staff of Paramax will bring to RPS are 
essential to meeting our objective of providing innovative, integrated, 
cost-effective drug development solutions in support of our customer's product 
development portfolios." 
 
 
 
 
About RPS 
RPS was incorporated in Delaware on January 30, 2006, while its subsidiary and 
operating company, ReSearch Pharmaceutical Services, LLC, and its predecessors 
have been in existence since 1994. Headquartered in Ft. Washington, 
Pennsylvania, with subsidiary offices across Latin America and Europe, RPS is a 
next generation CRO and a leading provider of integrated clinical development 
outsourcing solutions to the bio-pharmaceutical industry. RPS provides services 
in connection with the design, initiation and management of clinical trials 
programs that are required to obtain regulatory approval to market 
bio-pharmaceutical products. RPS' innovative business model combines the 
expertise of a traditional CRO with the ability to provide flexible outsourcing 
solutions that are fully integrated within RPS' clients' clinical drug 
development infrastructure. This approach was designed to meet the varied needs 
of small, medium and large bio-pharmaceutical companies. 
 
 
For further information please contact: 
 
 
+------------------------------------------+------------------------------------------+ 
| ReSearch Pharmaceutical Services, Inc.   | +1 215 540 0700                          | 
| Dan Perlman, Chief Executive Officer     |                                          | 
| Steven Bell, Chief Financial Officer     |                                          | 
+------------------------------------------+------------------------------------------+ 
|                                          |                                          | 
+------------------------------------------+------------------------------------------+ 
| Nominated Adviser and UK Broker:         | +44 20 7012 2000                         | 
| Arbuthnot Securities Limited             |                                          | 
| James Steel / Ed Burbidge                |                                          | 
+------------------------------------------+------------------------------------------+ 
 
 
 
 
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 
This document contains "forward-looking statements" within the meaning of the 
U.S. Private Securities Litigation Reform Act of 1995. Forward-looking 
statements can be identified by words such as "anticipates", "intends", "plans", 
"seeks", "believes", "estimates", "expects" and similar references to future 
periods, or by the inclusion of forecasts or projections. Forward-looking 
statements are based on the Company's current expectations and assumptions 
regarding its business, financial condition, the economy and other future 
conditions. Because forward-looking statements relate to the future, by their 
nature, they are subject to inherent uncertainties, risks and changes in 
circumstances that are difficult to predict. The Company's actual results may 
differ materially from those contemplated by the forward-looking statements. The 
Company cautions you therefore that you should not rely on any of these 
forward-looking statements as statements of historical fact or as guarantees or 
assurances of future performance. Important factors that could cause actual 
results to differ materially from those in the forward-looking statements 
include our ability to successfully consummate acquisitions, our ability to 
successfully integrate acquired companies; regional, national or global 
political, economic, business, competitive, market and regulatory conditions 
including: our ability to identify liabilities associated with RPS; our ability 
to manage pricing and operational risks; our ability to manage foreign 
operations; changes in technology; and our ability to acquire or renew 
contracts. Any forward-looking statement made in this document speaks only as of 
the date on which it is made. Factors or events that could cause the Company's 
actual results to differ may emerge from time to time, and it is not possible 
for the Company to predict all of them. The Company undertakes no obligation to 
publicly update any forward-looking statement, whether as a result of new 
information, future developments or otherwise, unless otherwise required to do 
so by law or regulation. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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