Singapore

Temasek Holdings announced today that it had invested US$90 million for a stake of 16.4% in Quintiles, the world's largest provider of clinical trial and commercialisation services to the pharmaceutical and biotech industries. Temasek was part of a consortium, Pharma Services Holdings, which made a successful bid of US$1.8 billion to merge with Quintiles. As a result of the merger, Quintiles is now a private, wholly owned subsidiary of Pharma Services Holdings. (Please see Annex A: press release by Quintiles).

The other members of the consortium are Dennis B. Gillings, Ph.D., the Chairman and founder of Quintiles, One Equity Partners, LLC, the private equity arm of Bank One Corporation, Texas Pacific Group, Perseus-Soros BioPharmaceutical Fund, and Mitsui & Co.

Mr S. Iswaran, Managing Director for Strategic Development said: "Temasek is pleased to become a shareholder of Quintiles, the world's leading contract research and sales organisation, with strong management and a global footprint. This is a knowledge-intensive industry which we believe has significant growth potential as pharmaceutical and biotech companies increasingly outsource their clinical trials and product sales. In addition, with the growth of the biotech and healthcare sectors in Asia, Quintiles is well-positioned to become the leading service provider in this region."

For media enquiries, please contact:

Temasek Holdings
Rachel Lin
Associate Director, Corporate Communications
Temasek Holdings (Pte) Ltd
DID: (65) 6828 6766
Fax: (65) 6828 6266
Mobile: (65) 9666 1855
Email: rachellin@temasek.com.sg 

Quintiles
Pat Grebe
VP of Corporate Communication
DID: 1 919 998 2091
Email: media.info@quintiles.com