Qwest Sells Pharma Marketing Biz

Senior management team purchases Qwest's online pharmaceutical marketing practice and will operate under the name Cadient

November 15, 2002

1 Min Read

PHILADELPHIA -- A team of senior managers announced today that they have purchased the online pharmaceutical marketing practice of Qwest Communications International Inc. (NYSE:Q - News), and will operate the company under the name Cadient. The company will continue to provide award-winning online marketing services to a blue-chip stable of pharmaceutical clients. The management buy-out was funded by Edison Venture Fund, based in Lawrenceville, NJ. Management and staff of the former Qwest pharmaceutical marketing operation will remain intact and will operate from its current offices in Philadelphia and Malvern, PA. According to Bob Weissman, president of Cadient and former regional vice president for Qwest, "The management buy-out provides us with a new degree of nimbleness for serving our clients in the quickly evolving online pharmaceutical marketing arena. This change assures continued high-quality service to our clients, as well as enhances the prospect for growth and career advancement for our staff of more than 40 professionals." "As part of Qwest's strategy to de-lever its balance sheet and focus on core communications services, the company has sold - and will continue to sell - some of its non-strategic assets and business lines," said Tom F. Gillett, Qwest's executive vice president of business development. Qwest Communications International Inc.

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