Budapest, September 2007

Pierrel S.p.A, an Italian pharmaceutical company specialising in Contract Research, development and of pharmaceuticals, listed on the Milan Stock Exchange, purchased Goodwill Research Kft, a Hungarian contract research organisation focusing on phase 1-3 activities. Goodwill Research, founded in 1997, operates in Hungary, Slovakia, the Czech Republic, Bulgaria and Romania, serving a multinational clientele including AndiVentis, Novartis, Roche and Richter.

By taking over Goodwill Research, with annual sales of EUR 3m, Pierrel has extended its geographic coverage to the CEE region.

Concorde MB Partners acted as the exclusive financial advisers to the sellers in this transaction.