JLL Partners Will Extend the Expiration Date for its Previously Announced Tender Offer for All Outstanding Shares of Common Stock of PharmaNet Development Group, Inc.

    NEW YORK, March 13 /CNW/ -- JLL Partners ("JLL"), a leading private
equity investment firm, announced today that it has extended the expiration
date for its previously announced tender offer for all of the outstanding
shares of common stock of PharmaNet Development Group, Inc. (Nasdaq: PDGI)
("PharmaNet").  The tender offer was commenced by JLL PharmaNet Holdings, LLC
("Parent"), through its wholly-owned subsidiary, PDGI Acquisition Corp.
("Purchaser"), which is an affiliate of JLL and one of the investment funds
managed by JLL, JLL Partners Fund VI, L.P. (the "Sponsor").The tender offer, which had been scheduled to expire on March 12, 2009 at
12:00 midnight, New York City time (the "Initial Expiration Date"), will now
expire at 12:00 midnight, New York City time, on March 19, 2009 (as extended,
the "Expiration Date"), unless further extended by JLL.  Based on information
provided by American Stock Transfer and Trust Company, the Depositary for the
tender offer, as of the Initial Expiration Date, a total of approximately
17,286,075 shares representing approximately 87.32% of the outstanding shares
of common stock of PharmaNet (in addition to 4,817,627 shares tendered under
guaranteed delivery procedures), had been validly tendered and not withdrawn
as of the Initial Expiration Date.  Stockholders who have already tendered
their shares do not have to re-tender their shares or take any other action as
a result of the extension of the Expiration Date of the tender offer.Purchaser is extending the Expiration Date for the tender offer because
it has determined that it is necessary to make a premerger notification to the
German Federal Cartel Office (the "FCO") seeking approval of the tender offer
and the subsequent merger of Purchaser and PharmaNet for purposes of
compliance with applicable German competition law. The premerger notification
was submitted to the FCO on March 11, 2009.  Purchaser does not intend to
consummate the tender offer until approval of the FCO is received.  If Parent
and Purchaser do not receive approval for the tender offer from the FCO on or
prior to the Expiration Date, Parent and Purchaser may further extend the
Expiration Date.  The FCO premerger notification is administrative in nature
and Parent and Purchaser believe that it should not present an impediment to
completion of the tender offer.  Parent and Purchaser remain committed to
completing the tender offer and the merger and intend to complete the
transactions as soon as possible after FCO clearance is obtained.  Purchaser,
Parent and the Sponsor will file an amendment to the Tender Offer Statement on
Schedule TO, filed with the Securities and Exchange Commission (the "SEC") on
February 12, 2009, providing supplemental disclosure relating to the premerger
notification filing and related matters.  All other terms and conditions of
the tender offer remain unchanged.Upon the successful closing of the tender offer, stockholders of
PharmaNet will receive $5.00 in cash net for each share of PharmaNet common
stock tendered in the tender offer, without interest and less any required
withholding taxes.  Following the acceptance for payment of shares in the
tender offer and completion of the transactions contemplated in the merger
agreement, PharmaNet will become a wholly owned subsidiary of Parent.About JLL PartnersParent is an affiliate of the Sponsor, a private equity investment fund
managed by JLL. Each of Parent and Purchaser were formed for the purpose of
entering into a business combination transaction with PharmaNet, and have not
carried on any business activities other than in connection with the tender
offer and merger.Founded in 1988, JLL is a leading private equity investment firm with
approximately $4.0 billion of capital under management that has invested in a
variety of industries, with special focus on healthcare and medical services,
financial services and building products. JLL makes equity investments in
middle market companies with the objective of extricating good companies from
complicated situations or building strong companies in partnership with
exceptional managers. Further information related to JLL can be found on its
website, www.jllpartners.com.Important Information about the Tender OfferThis press release is neither an offer to purchase nor a solicitation of
an offer to sell securities. The tender offer is being made pursuant to a
Tender Offer Statement on Schedule TO (including the Offer to Purchase, the
related Letter of Transmittal and other tender offer materials) filed by
Parent, Purchaser and the Sponsor with the SEC on February 12, 2009. In
addition, on February 12, 2009, PharmaNet filed a Solicitation/Recommendation
Statement on Schedule 14D-9 with the SEC related to the tender offer. The
Tender Offer Statement (and related materials) and the
Solicitation/Recommendation Statement contain important information that
should be read carefully before any decision is made with respect to the
tender offer. Those materials may be obtained at no charge upon request to
either Innisfree M&A Incorporated, the information agent for the tender offer
at [phone] (toll free), or to Jefferies & Company, Inc., the Dealer
Manager for the tender offer at [phone] (toll free). In addition, all
of those materials (and all other offer documents filed with the SEC) are
available at no charge on the SEC's website at www.sec.gov.

For further information: Innisfree M&A Incorporated, [phone], or
Jefferies & Company, Inc., [phone], both for JLL Partners Web Site:
http://www.jllpartners.com