Updated on 17 May 2012
"We will leverage our longstanding reputation and relationships with global pharma companies, our knowledge of emerging markets as well as our track record of successful acquisitions as we continue to grow further DRG's leadership position in the healthcare information and analytics industry," he said. Mr Piramal added, "We're very pleased to add the expertise of a world-class management team with deep understanding of this sector and nearly 300 analysts with a strong track record in their field."
"This is an excellent opportunity for our business, customers and employees," said Mr Peter Hoenigsberg, chief executive officer of Decision Resources Group. "My team and I are excited to be part of the Piramal Group and are confident that its expertise in acquiring, integrating and growing businesses will support our continued growth.
"Our customers have indicated that independent, objective, indispensable information from emerging markets is one of their greatest needs and Piramal's experience in emerging markets is important since these markets are the primary avenues for growth in the pharma industry. We appreciate Providence's tremendous partnership over the last five years as together we expanded through seven strategic acquisitions and strong organic growth, introduced new innovative services including Market Access Tracker, and added approximately 200 employees worldwide," he said.
Following the completion of the DRG acquisition, Piramal will operate Decision Resources Group as a stand-alone business. DRG will remain headquartered in Burlington, MA. The company will continue to be led by Mr Hoenigsberg and the existing senior management team. The transaction is expected to close by June 30, 2012, subject to customary regulatory approvals and closing conditions.