We took IBAH
from a concept - to a company with $140 million in revenues doing business around the world before we were acquired by Omnicare," says Henwood.
The 1998 period included pooling expenses of $14,587,000 before taxes ($13,117,000 after taxes) consisting of those mentioned above, along with $491,000 before taxes ($415,000 after taxes) in pooling expenses incurred in connection with an acquisition completed by Omnicare during the first quarter, and the aforementioned restructuring charge related to the IBAH and CompScript transactions.
an institutional pharmacy services provider, and IBAH, Inc.
Continuing, he added, "We are very impressed with the results of IBAH, the contract research organization ("CRO") Omnicare acquired in June 1998.
related to the CompScript and IBAH pooling-of-interests
As the fifth largest CRO, IBAH
offers services for all stages of drug development, helping client companies to accelerate products from discovery through development and commercialization more rapidly and cost-effectively.
Omnicare also provides comprehensive clinical research services for the pharmaceutical and biotechnology industries and has executed a definitive agreement to acquire IBAH
Upon merger approval, each outstanding IBAH common share will be converted into a $5.
The following is a discussion of IBAH S divisional performance for the quarter ended March 31, 1998 versus the comparable prior year s period.
IBAH, based in Blue Bell, Pennsylvania, near Philadelphia, is a worldwide leader in providing comprehensive product development services to pharmaceutical, biotechnology, medical device and diagnostic companies.
Gerri Henwood, IBAH s Chief Executive Officer, said, "We are pleased to report continued strong top-line growth for the quarter, despite a previously announced contract delay.
IBAH s services are designed to help clients accelerate products from discovery through development more efficiently and cost-effectively.