Magellan Pharmaceutical Development Wins Awards

Leading Pharmaceutical Development Organization honored for "Entrepreneurial Excellence" and "Deal of the Year"

RESEARCH TRIANGLE PARK, N.C. (June 24, 2002)) - Magellan Pharmaceutical Development, a full-service contract pharmaceutical development organization (PDO) formerly known as Magellan Laboratories and now owned by Cardinal Health, received "Deal of the Year" and "Entrepreneurial Excellence" awards by the Council for Entrepreneurial Development (CED) in North Carolina.

The awards were announced yesterday at the CED's "Entrepreneurial Excellence Awards," an annual showcase of distinguished individuals and companies in Research Triangle Park (RTP) recognized for their outstanding achievements throughout the previous year. RTP, an area defined by the Triangle formed by three leading universities and their cities: Duke University at Durham, the University of North Carolina at Chapel Hill, and North Carolina State University in Raleigh. An international model of economic development and scientific advancement, it is home to 106 major research and development organizations.

Co-founders and Presidents, Lowry Caudill, Ph.D., and Alfred Childers, Ph.D., were honored with the "Entrepreneurial Excellence Award" for their creativity, leadership, opportunity, recognition, personal drive to excel, persistence and ability to inspire others. The award is presented to the entrepreneur or entrepreneurial team that combines these traits with a winning business concept and achieves great success while providing a role model for aspiring entrepreneurs.

"It is an honor to be recognized by the CED for such an esteemed award. Our achievement and success over the years is a result of holding true to our values, providing our clients with timeliness, quality and communication, and inherently recognizing the challenges and concerns faced by our clients," says Childers.

Magellan's acquisition by Cardinal Health in March was one of the largest of its kind in the contract pharmaceutical industry and garnered Magellan "Deal of the Year." The award distinguishes a fast growing company that leverages its technical innovations with cash and mutually beneficial corporate partnerships. Demonstrated leadership, persistence and know-how helped Magellan and Cardinal Health create the world's most comprehensive pharmaceutical development service provider.

"The value of Magellan stems from its employees, its greatest asset and pride, who have committed themselves to helping our clients succeed in the development and manufacturing of pharmaceutical products," says Caudill.

About CED

The Council for Entrepreneurial Development (CED), a private, non-profit organization that maintains an office in Research Triangle Park, was founded in 1984 to stimulate the creation and growth of high impact companies in the greater Research Triangle area. Through education, capital formation, mentoring and communications, CED provides entrepreneurs with the knowledge and skills that ensure their success and at the same time heightens awareness of the contribution that entrepreneurial companies make to our communities and our economy.

With more than 5000 active members representing 1300 companies, CED is the largest entrepreneurial support organization in the US.

About Magellan Pharmaceutical Development

Founded in 1991 by leading pharmaceutical scientists and formerly known as Magellan Laboratories, Magellan Pharmaceutical Development serves the continually changing needs of the pharmaceutical and biotechnological industries by providing a complete range of GLP/GMP compliant analytical testing and development services. Magellan's client roster lists about 200 active contractors, including nine of the top 10 pharmaceutical companies.

Magellan's recent acquisition by Cardinal Health creates the most comprehensive pharmaceutical development service provider to the pharmaceutical and biotechnology industries, from early stage drug development to commercial manufacturing for virtually every dosage form.

Magellan is based in Research Triangle Park, N.C., with facilities in San Diego, Calif., Albuquerque, N.M., Somerset, N.J. and Swindon, U.K. For more information on Magellan Pharmaceutical Development, visit www.magellanlabs.com.