AstraZeneca terminates PDI's fee-for-service contract sales programs

By Lisa Kerner

Erie, Pa., Feb. 28 - PDI, Inc. said AstraZeneca has terminated its fee-for-service agreement effective April 30. No reason for the termination was given.

The revenue impact is projected to be about $65 million to $70 million in 2006, according to a company news release.

PDI said it plans to create future business opportunities for the roughly 800 field representatives affected by AstraZeneca's decision.

"This termination will have a significant financial impact in 2006," PDI interim chief executive officer Larry Ellberger said in the release.

"It reinforces our commitment to diversify our revenue and client base, particularly in the emerging pharma segment of the industry, while exiting unprofitable activities and reducing our overhead cost structure."

PDI is a Saddle River, N.J.-based diversified sales and marketing services provider to the biopharmaceutical industry.

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