Report: Quintiles pulls out of bidding for U.K. firm

Research Triangle Park, N.C. — Quintiles is pulling out of the bidding for ClinPhone, a clinical trials technology company based in the United Kingdom.

The Reuters news service reported Monday morning that Quintiles had decided not to proceed with an offer.

Quintiles emerged as a bidder for ClinPhone on June 13 when Parexel International said it had agreed to pay more than $181 million for ClinPhone. Quintiles issued a statement saying that it considered ClinPhone a “strategic fit.”

Monday’s report sent ClinPhone shares down 5 percent in trading in London.

Parexel, like Quintiles, is a contract research organization that works with pharmaceutical and biotech firms.