PharmaNet Development Group Inc. (NASDAQ: PDGI) Investor Investigation Over Proposed Acquisition

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 7, 2009 -- PharmaNet Development Group, Inc. (Nasdaq: PDGI), a leading provider of clinical development services, today announced that it has signed a definitive merger agreement with affiliates of JLL Partners, Inc. to purchase all of the outstanding shares of PharmaNet at a price of $5.00 per share in cash. According to a press release an investigation on behalf of PharmaNet Development Group, Inc. (Nasdaq: PDGI) investors concerning the legal ramifications of the proposed acquisition of PharmaNet Development Group, Inc. (Nasdaq:PDGI) by affiliates of JLL Partners, Inc. has been announced.

If you currently hold PharmaNet Development Group, Inc. (Nasdaq: PDGI) shares you have certain options and you should contact the Shareholders Foundation, Inc. immediately!

Email: Mail@ShareholdersFoundation.com

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Phone: +1-(858)-779-1554

According to the press release the investigation by a law firm the deal appears to be undervalued given the fact that less than a year ago the stock was trading at over $41.00 a share and as recently as September 2008, PharmaNet stock traded at over $23.00 a share.

Under the terms of the agreement JLL Partners, Inc. will purchase all of the outstanding shares of PharmaNet at a price of $5.00 per share in cash. The Merger Agreement provides for JLL to acquire PharmaNet in a two-step transaction. The first step will consist of a cash tender offer for all outstanding shares of PharmaNet common stock at a price of $5.00 per share in cash. In the second step, the tender offer will be followed by a merger in which any untendered outstanding shares of PharmaNet common stock will be converted into the right to receive the same cash price per share paid in the tender offer. The transaction values PDGI common stock at approximately $100 million. The transaction will be financed by a $250 million equity commitment from JLL which includes the necessary funds to retire the $144 million principal amount of the Company's outstanding convertible notes. PharmaNet's Board of Directors has approved the definitive Merger Agreement and the transactions contemplated thereby and have resolved to recommend that PharmaNet stockholders tender their shares in connection with the tender offer contemplated by the definitive Merger Agreement. Jeffrey P. McMullen, President and Chief Executive Officer, PharmaNet Development Group, Inc, said "The Board of Directors and I are very pleased to have a partner in JLL that recognizes the substantial value we have built in the PharmaNet Development Group franchise". The transaction is subject to the valid tender of a majority of PharmaNet common stock, regulatory approvals and other customary conditions, but it is not subject to any financing conditions. The parties expect the tender offer to close by the end of the first quarter of 2009.

Prior to the announcement of the proposed acquisition PharmaNet has been accused of violation Federal Securities Laws.

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