inVentiv Health Names Michael Bell Chairman and Chief Executive Officer
Bell to Drive Seamless Orchestration of inVentiv’s Clinical and Commercial Capabilities to Help Biopharmaceutical Companies Speed Innovation to Patients
BURLINGTON, Mass. – September 25, 2014 – inVentiv Health (“inVentiv”), a life science knowledge and services company for the new healthcare environment, today announced that the inVentiv Health Board of Directors appointed Michael Bell as Chairman and Chief Executive Officer (CEO), effective immediately. Paul Meister, formerly Chairman and CEO, will continue his role as a member of the Board of Directors.
Bell brings valuable experience gained over a distinguished three-decade management career at leading global services companies to the organization. Prior to his role as CEO, Bell held the position of Chief Operating Officer of inVentiv. In his new position, he will continue to identify operational efficiencies and strategic synergies across inVentiv to help solve biopharmaceutical clients’ most challenging problems.
“Mike’s an industry veteran who has managed sophisticated global service organizations through every stage of growth. That’s the ideal skill set to accelerate inVentiv’s continued success,” said Meister. “At inVentiv Mike has proven himself to be an extraordinary leader focused on operational excellence, strategic innovation, and cultivating talent at all levels of the organization. We know that both clients and employees will benefit tremendously from his business and healthcare acumen.”
Previously, Bell served as Senior Executive Vice President of John Hancock Financial Services, where he nearly doubled the growth rate of the businesses he managed. Prior to this role, he was a co-founder of the Monitor Group where he worked with companies across the healthcare delivery continuum, significantly expanding the organization’s global footprint. Bell also served as a founder and managing partner of Monitor Clipper Partners, a private equity firm specializing in professional, procurement, and pharmaceutical marketing services.
inVentiv has vast clinical development and commercialization capabilities. The company’s clinical capabilities are comprised of a leading CRO known for its broad therapeutic expertise and state-of-the-art systems that are scaled to need. Its commercial capabilities support every phase and function in commercialization – from consulting to sales teams to adherence programs – offering a comprehensive outsourcing model that provides clients with a critical competitive edge.
"I’m looking forward to leading a global organization of 12,000 talented healthcare professionals who are reinventing the way biopharmaceutical clients develop and commercialize products,” said Bell. “Partnering with companies at every step along the way, from first molecule to full marketing, we’re pioneering insightful services and outsourcing models to help clients navigate an increasingly complex marketplace.
“We've identified a noble mission – to help clients accelerate the delivery of healthcare innovation to the patients who need it most. I couldn't imagine a more exciting and meaningful venture.”
Bell serves as Chairman Emeritus of Brigham and Women's Hospital in Boston, MA, and previously served as a trustee and the Chair of Brigham and Women's Faulkner Hospital. Bell received his B.S. from The Wharton School at the University of Pennsylvania and attended Harvard Business School for his M.B.A.
About inVentiv Health
inVentiv Health, Inc. is a life science knowledge and services company purpose-built for the new healthcare marketplace. inVentiv has created a new model by converging a vast range of essential services to fully align with our clients’ development and commercialization goals. With more than 12,000 employees supporting clients in 70 countries, our global scale and broad expertise make us an attractive strategic partner for companies seeking to get medicines to patients in a complex operating, regulatory and reimbursement environment. inVentiv Health’s clients include more than 550 life sciences companies, including all 20 of the largest biopharmaceutical companies in the world. inVentiv Health, Inc. is privately owned by inVentiv Group Holdings, Inc., an organization sponsored by affiliates of Thomas H. Lee Partners, L.P., Liberty Lane Partners and members of the inVentiv management team. inVentiv Health transforms promising ideas into commercial reality for the financial success of our clients and the delivery of better treatments to patients worldwide. For more information, visit www.inVentivHealth.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause our performance to differ materially. These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in any forward-looking statement. Such factors include, without limitation: the impact of our substantial level of indebtedness on our ability to generate sufficient cash to fulfill our obligations under our existing debt instruments or our ability to incur additional indebtedness; the impact of customer project delays, cancellations and termination; our ability to sufficiently increase our revenues and manage expenses and capital expenditures to permit us to fund our operations; the impact of our acquisition of Catalina Health Resource, LLC and any future acquisitions; the impact of any change in our current credit ratings or the ratings of our debt securities on our relationships with customers, vendors and other third parties; the impact of any additional leverage we may incur on our ratings and the ratings of our debt securities; our ability to continue to comply with the covenants and terms of our senior secured credit facilities and to access sufficient capital under our credit agreement or from other sources of debt or equity financing to fund our operations; the impact of any default by any of our credit providers; our ability to accurately forecast costs to be incurred in providing services under fixed price contracts; our ability to accurately forecast insurance claims within our self- insured programs; the potential impact on pharmaceutical manufacturers, including pricing pressures, from healthcare reform initiatives or from changes in the reimbursement policies of third-party payers; our ability to grow our existing client relationships, obtain new clients and cross-sell our services; the potential impact of financial, economic, political and other risks, including interest rate and exchange rate risks, related to conducting business internationally; our ability to successfully operate new lines of business; our ability to manage our infrastructure and resources to support our growth, including through outsourced service providers; our ability to successfully identify new businesses to acquire, conclude acquisition negotiations and integrate the acquired businesses into our operation, and achieve the resulting synergies; any disruptions, impairments, or malfunctions affecting software as well as excessive costs or delays that may adversely impact our continued investment in and development of software; the potential impact of government regulation on us and our clients, including the impact of the final HIPAA Privacy Rule on the willingness of pharmaceutical manufacturers to sponsor patient adherence programs; our ability to comply with all applicable laws as well as our ability to successfully adapt to any changes in applicable laws on a timely and cost effective basis; our ability to recruit, motivate and retain qualified personnel; the impact of impairment of goodwill and intangible assets and the factors leading to such impairments; consolidation in the pharmaceutical industry; changes in trends in the healthcare and pharmaceutical industries or in pharmaceutical outsourcing, including initiatives by our clients to perform services we offer internally; our ability to convert backlog into revenue; the potential liability associated with injury to clinical trial participants; the impact of the adoption of certain accounting standards; and our ability to maintain technological advantages in a variety of functional areas, including sales force automation, electronic claims surveillance and patient compliance. Holders of our debt instruments are referred to reports provided to investors from time to time and the offering memoranda provided in connection with the issuance of our notes for further discussion of these risks and other factors.