Boston, MA — October 31, 2008 — Covington Associates announced today it acted as financial advisor to Pharsight Corporation (NASDAQ: PHST), a leading provider of software, strategic, and regulatory services designed to optimize clinical drug development, in its sale to Tripos International, a portfolio company of Vector Capital. The transaction, valued at approximately $57 million, moves Pharsight into the Tripos portfolio.
Tripos International, headquartered in St. Louis, Missouri, is a leading provider of drug discovery informatics products and services.
“We’re very pleased to be part of the Tripos team,” said Shawn O’Connor, Chairman and
Chief Executive Officer at Pharsight. “This acquisition by Tripos means our clients will
be better positioned to respond to all aspects of drug discovery, development and
commercialization activities. The solutions spectrum is much broader now.”
Timothy McMahon, Managing Director at Covington Associates, said, "The combination of Pharsight and Tripos creates an entity that has the depth and breadth to address many of the critical issues in drug development today. Pharsight's leading position in pharmacokinetic/pharmacodynamic modeling provides a strong foundation for accelerated growth in the biopharmaceutical software and services market."
The Board of Directors of Pharsight has unanimously approved the agreement. The acquisition is subject to the approval of Pharsight's stockholders and other customary closing conditions. Certain directors, officers and stockholders of Pharsight, representing approximately 33% of Pharsight's outstanding common stock, have entered into voting agreements in support of the acquisition. The acquisition is expected to close in the fourth quarter of 2008.
About Pharsight Corporation
Pharsight Corporation develops and markets integrated products and services that enable pharmaceutical and biotechnology companies to achieve significant and enduring improvements in the development and use of therapeutic products.
To learn more about Pharsight, visit www.pharsight.com.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed hundreds of transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies.
To learn more about Covington Associates, visit www.covingtonassociates.com.
Company Contact
Covington Associates LLC
[617] 314-3950
info@covingtonassociates.com
