Managers Buy Out Qwest Online Pharmaceutical Marketing Practice
Senior managers have bought the online pharmaceutical marketing practice of Qwest Communications International Inc. in a buyout funded by Edison Venture Fund, Lawrenceville, NJ.The practice will run under the name Cadient, operating from its current offices in Philadelphia and Malvern, PA. A staff of 40 managers and executives will retain their jobs. Terms of the buyout were not disclosed.
Cadient will continue to create online pharmaceutical programs for clients like Procter & Gamble Co., Johnson & Johnson, GlaxoSmithKline and AstraZeneca. Cadient programs focus on the behavior of consumers and doctors to persuade them to sample, buy, prescribe and stay loyal to prescription and over-the-counter pharmaceutical brands.
Cadient clients will continue to receive network services from Qwest. The online pharmaceutical practice divestiture is part of a Qwest initiative to exit areas not in its core communications services.
Established in 1986 and run by 15 investment professionals, Edison has 115 investments in expansion-stage, $5 million to $15 million, companies in the Mid-Atlantic region. Edison typically invests $3 million to $5 million, serving as the sole or lead investor.
