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For Immediate Release
Contact: Melinda M. Bascone
Director of Marketing
Carter Ledyard & Milburn LLP
212-238-8753
info@clm.com

CARTER, LEDYARD & MILBURN REPRESENTS KENDLE INTERNATIONAL INC. IN ACQUISITION OF AAC CONSULTING GROUP INC.

NEW YORK, February 28, 2001-Carter, Ledyard & Milburn advised AAC Consulting Group Inc., a privately held, full-service regulatory consulting firm based in Rockville, Maryland, and the shareholders of AAC, in connection with the sale of AAC's stock to Kendle International Inc. (NASDAQ: KNDL), an international contract research organization. The amount of the consideration, consisting of a combination of cash and stock was not disclosed. Sperry, Mitchell & Company Inc. acted as investment bankers for AAC.

AAC is one of the largest and most experienced providers of FDA regulatory compliance and validation services to the pharmaceutical and medical device industries and a leader in providing current Good Manufacturing Practice (GMP) compliance services to such industries. AAC, established in 1961 as a division of Checchi & Co., Inc., was acquired in 1986 by the current President and Chief Executive Officer Anthony Celeste. Anthony Celeste and Michael Celeste, will continue in their existing roles as president and vice president, respectively.

Kendle is an international contract research organization that provides quality clinical development and medical marketing services on a contract basis to the pharmaceutical and biotechnology industries.

Carter, Ledyard & Milburn attorneys involved in the transaction are corporate partner James E. Abbott and Stephen V. Burger, of counsel attorney, Patricia Matzye and associates Richard J. Horne, Sandra Rizescu and Nick Katsanos.

Carter Ledyard & Milburn LLP (www.clm.com), established in 1854, has approximately 90 attorneys and has been headquartered on Wall Street since its founding. Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, broker-dealer, on-shore and off-shore hedge and other alternative investment funds, private equity, litigation, intellectual property, environmental, employment, media and technology, immigration, investment regulation, antitrust, art law, trusts and estates, maritime, ERISA, tax-exempt organizations, real estate, tax and bankruptcy. A significant part of the firm's practice involves representing overseas-based clients and their U.S. affiliates, financial institutions and other financial services providers, governmental entities and media and technology clients.

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