Cerep Subsidiary, Hesperion, Acquires Touchstone Research Inc.

Date Posted: Thursday, August 31, 2006

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Cerep has announced the acquisition by Hesperion Ltd, its wholly owned subsidiary, of Touchstone Research Incorporated, a US clinical research organization ("CRO"), headquartered in Gaithersburg, MD.

Hesperion has been active in conducting studies in North America since 1999. In early 2005, Hesperion opened a new office near Seattle, WA, and announced in June 2006 the appointment of Michael R. Gleeson as General Manager of Hesperion North America.

The acquisition of TouchStone Research Inc. is the next step undertaken by Hesperion to actively strengthen its North American coverage and service offerings.

The acquisition is made in cash. The transaction includes an immediate initial cash payment of 3 million USD and up to 7 million USD in additional cash payments to be made within two years following the acquisition date, upon achievement of certain milestones, based on earn-out clauses and retention of key staff.

To date, Hesperion owns 100% of Touchstone Research outstanding shares. The combined company will operate under the name Hesperion and with the same set of global quality processes and systems.

With ten years of successful North American CRO operations, many more years of clinical development expertise, and a proven track record with pharmaceutical companies and CROs, TouchStone Research Inc is bringing an extensive US experience to Hesperion.

The merger of Hesperion Inc. and TouchStone Research Inc. will allow the combined organization to reach a critical size for international clinical trials and will create opportunities to present a convincing service offering, particularly in cardiology, oncology and long-term partnerships.

Bill White, formally Executive Vice-president and General manager North America of Touchstone Research Inc, will assume the responsibilities of Executive Vice-president and Chief Scientific Officer for Hesperion North America.

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