Applied Analytical To Merge With MTRA

Applied Analytical Industries Inc. has entered into a definitive agreement to merge with the privately held company, Medical & Technical Research Associates Inc. (MTRA; Natick, MA).

Under the terms of the agreement, MTRA stockholders would receive approximately 1.3 million shares of AAI common stock, subject to adjustment based on AAI's trading price at the closing of the transaction. The completion of the transaction is subject to pre-merger review by the Federal Trade Commission under the Hart-Scott-Rodino Act.

MTRA is a Phase II-IV clinical trials and data management company that was founded in 1970 by Richard Parker, the Company's president. MTRA provides a full suite of clinical services including trial design, project management, medical management, trial monitoring, data management, statistical evaluation, and report writing, throughout the continental United States and Canada. The company has 190 employees who will all become AAI employees. Sales for MTRA in calendar year 1998 were approximately $20 million.