BURLINGTON, Mass (March 10, 2014) – inVentiv Health, a life science knowledge and services company for the new health care environment, announced today the appointment of Michael A. Griffith as Executive Vice President. In this capacity, Griffith will head inVentiv's Commercial and Consulting businesses and report to inVentiv Health CEO Paul Meister.
Griffith combines deep financial expertise with extensive knowledge of the pharmaceutical sector drawn from his leadership of three biotech and pharmaceutical companies over nearly two decades. His appointment demonstrates inVentiv's commitment to innovation in commercialization services.
Most recently, Griffith was the Chief Executive Officer of Laureate Biopharma, a contract manufacturing organization providing outsourced biologics development and manufacturing services to the biopharmaceutical industry. Griffith also founded and served as Chief Executive Officer of Aptuit, with the mission of creating and engineering a better drug development process. He also served as Chairman and CEO of ChiRex, the foremost pharmaceutical process development company of its time.
"In every case, the companies Mike led grew significantly faster than the competition because clients wanted what these companies offered," said inVentiv Health CEO Paul Meister. "The companies Mike runs do what they say they're going to do and deliver what they promise. Mike's strengths are building a winning culture, investing in talent and quality, delivery-to-promise and innovating in a complex regulatory and operational environment. This makes him a great fit for inVentiv Health."
Griffith will head inVentiv's commercial and consulting businesses that include Campbell Alliance, the nation's leading biopharmaceutical management consulting firm; Adheris Health, the nation's largest provider of patient adherence programs; Chandler Chicco Companies, the world's largest pure-play healthcare communications firm and inVentiv Selling Solutions, the industry's largest provider of outsourced clinical field and sales teams.
"inVentiv Health provides an opportunity for me to leverage all the skills I've acquired in finance, outsourcing, product development and commercialization," Griffith said. "It is a pleasure to be working with a company built to change the game in the development and commercialization of treatments that improve patient outcomes worldwide.
"There is no other company with such a breadth and depth of capabilities enabling both full development and comprehensive commercialization and I look forward to contributing to the innovative, high-quality solutions inVentiv is creating to solve complex client needs."
Griffith started his career in the financial services sector, working at both Bankers Trust Company and Credit Suisse First Boston. Additionally, he's served on numerous Boards including Repligen Corporation and Centrue Financial Corporation. Griffith holds a Master of Management from the Kellogg Graduate School of Management at Northwestern University and received his B.S. degree from the University of Kansas.
About inVentiv Health
inVentiv Health, Inc. is a life science knowledge and services company purpose built for the new health care environment. Creating a new model for the new marketplace, inVentiv offers convergent services that accelerate the performance of companies developing and commercializing drugs to improve patient outcomes worldwide. In 40 countries around the world, inVentiv's 12,000 employees work with more than 550 pharmaceutical, biotech and device companies, as well as companies that see health as a central part of their mission. 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 helps clients transform promising ideas into commercial reality. For more information, visit http://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 and cancellations and our ability to sufficiently increase our revenues and manage expenses and capital expenditures to permit us to fund our operations; the impact of the consummation of our acquisition of Catalina Health Resource, LLC and any future acquisitions; the impact of any change in our current credit ratings and 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 on our client base, 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; any potential impairment of goodwill or intangible assets; 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 actual 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.