Beacon Bioscience Acquired by ICON July 1, 2004

July 1, 2004

Overview

On July 1, 2004, ICON plc (NASDAQ: ICLR), a global clinical research organization announced that it had agreed to acquire a 70% interest in Beacon Bioscience, Inc. a leading specialist CRO in the Medical Imaging field.

Founded in November 2000, Beacon has a strong technology platform, focused on the centralized management, processing and reading of digitized medical images generated in clinical trials, including X-ray, MRI, CT, PET, Nuclear Medicine and Ultrasound.

ICON will acquire the 70% interest in Beacon for a cash consideration of $9.9 million, which includes an investment in new equity of $2.0 million.

Significance

Beacon will have the opportunity to further expand its business as a subsidiary to ICON through ICON’s 34 offices in 21 countries.

Crosstree’s Role

Crosstree Capital Partners served as exclusive financial advisor to Beacon Biosciences.

Beacon Bioscience Acquired by ICON July 1, 2004