Business & Economy
4:11 pm
Wed August 14, 2013

Quintiles Acquires Triangle Research Group Novella

Credit Quintles

The Durham-based pharmaceutical company Quintiles is acquiring a Triangle research organization. 

Quintiles announced Wednesday it reached a deal with Novella Clinical in Morrisville.  Novella is an oncology and medical device research group with nearly 300 employees in the Triangle.  The companies did not release the terms of the deal. 

Quintiles spokesman Phil Bridges says the acquisition allows the company to give better services to several groups of customers.

"Those include emerging oncology companies as well as those in the medical device and diagnostics sector," Bridges says.  "So Novella's experience, expertise, strong customer relationships, high caliber talent and complementary visions make this very attractive for Quintiles."

Bridges says there are no plans to lay off employees and Novella will keep its name. 

Quintiles raised $950 million to go public in May.  The company brought in nearly $4 billion in revenue last year.