Press Release: November 22, 1999

WR Hambrecht + Co Initiates coverage of Quintiles (QTRN) with a $37 Price target

Quintiles is the leading full-service partner to the pharmaceutical industry

San Francisco, CA, November 22, 1999—WR Hambrecht + Co, the online investment bank, today initiated coverage of Quintiles Transnational Corporation (QTRN) with a 12-month price target of $37. The full research report can be found at www.wrhambrecht.com

Quintiles Transnational, the world’s largest contract research organization (CRO) and contract sales and marketing organization (CSO), provides research, marketing, disease management, and other services to the pharmaceutical, biotechnology, and medical device industries. In addition, Quintiles is the largest electronic data interchange (EDI) in the U.S. and an emerging player in the growing healthcare informatics market. The CRO, CSO and informatics industries, all growing at double-digit rates, represent a $12 billion market.

"Quintiles is the dominant player in the pharmaceutical outsourcing industry," said Josh Fisher, WR Hambrecht + Co eHealth analyst. "Having invested significantly in its Internet strategy and just now launching the first phase of its new QUINTERNET Informatics products, we expect Quintiles to continue distancing itself from its competitors well into the next millennium."

Quintiles’ recent "gain share" commercialization agreement with CV Therapeutics signifies a notable evolution in the contract sales industry. It marks the first time Quintiles will receive a percentage of drug sales rather than merely fee-for-service as well as the first time a biotech company did not turn to a large pharmaceutical company for marketing support. With similar agreements expected in the future, Quintiles’ pipeline of new business opportunities appears very strong.

The Company’s newest division, QUINTERNET Informatics, and its e-products scheduled for launch in early 2000, have strong growth prospects. Entrenched across all business segments of the pharmaceutical industry, the Informatics division enhances Quintiles’ overall growth opportunities and extends its leadership positions by creating operational efficiencies and increasing the range and reach of its services.

"We believe Quintiles’ stock, which is trading at a deep discount to its growth rate, is very attractive at current levels," said Fisher. "Given Quintiles’ expected growth rate of 25% and its leadership position in the healthcare outsourcing industry, we have a one-year price target of $37.