PAREXEL Announces Execution of Definitive Agreement to Acquire ExecuPharm
26 September 2016 - 11:00PM
Business Wire
Acquisition will strengthen and add scale to
current functional services offering to meet growing demand
PAREXEL International Corporation (NASDAQ: PRXL), a leading
global biopharmaceutical services provider, today announced that
the Company has entered into a definitive agreement to acquire
ExecuPharm, Inc. (“ExecuPharm”), a leading, global functional
service provider (FSP) serving the biopharmaceutical industry. The
acquisition is expected to close in the next three weeks. Terms of
the transaction were not disclosed.
Established in 1995, ExecuPharm provides clients with qualified
professionals across functional areas, such as clinical monitoring
or study management, along with associated operational activities
including onboarding, training, line management, performance
management and policy administration. The company is headquartered
in King of Prussia, PA, and it works with many of the top 20 and
mid-sized and small biopharmaceutical companies. ExecuPharm’s
strong client relationships have led to 85 percent growth in the
company in the past three years.
“Functional services represent an established and growing model
within the biopharmaceutical industry. Clients are increasingly
using a combination of programmatic and functional outsourcing
models,” said Josef von Rickenbach, Chairman and CEO, PAREXEL.
“With ExecuPharm, PAREXEL will expand and strengthen our existing
functional services offering and capabilities to meet the growing
market demand while allowing our clients to fulfill all of their
clinical development outsourcing needs through a single
company.”
Functional service providers offer biopharmaceutical clients
stand-alone outsourced services, such as clinical monitoring, data
management, biostatistics, site monitoring, study management,
medical writing, pharmacovigilance and other related functions.
Customers may outsource functions tactically, on a particular
trial, or strategically to constitute or supplement an entire
department.
“We are excited to become a part of PAREXEL and offer our
clients an expanded global presence, increased therapeutic
expertise, broad product development knowledge, and high quality
service. By providing clients the ability to outsource only certain
functions, we provide clients flexibility in their drug development
programs,” added Maria Larson, Founder and Chief Executive Officer,
ExecuPharm.
About PAREXEL InternationalPAREXEL International
Corporation is a leading global biopharmaceutical services company,
providing a broad range of expertise-based clinical research,
consulting, medical communications, and technology solutions and
services to the worldwide pharmaceutical, biotechnology and medical
device industries. Committed to providing solutions that expedite
time-to-market and peak-market penetration, PAREXEL has developed
significant expertise across the development and commercialization
continuum, from drug development and regulatory consulting to
clinical pharmacology, clinical trials management, and
reimbursement. PAREXEL Informatics provides advanced technology
solutions, including medical imaging, to facilitate the clinical
development process. Headquartered near Boston, Massachusetts,
PAREXEL has offices in 84 locations in 51 countries around the
world, and had approximately 18,600 employees in the fourth
quarter. For more information about PAREXEL International visit
www.PAREXEL.com.
PAREXEL and PAREXEL Informatics are trademarks or registered
trademarks of PAREXEL International Corporation or its
affiliates.
This release contains “forward-looking” statements regarding
future results and events, including, without limitation,
statements regarding expected financial results, future growth and
customer demand. For this purpose, any statements contained herein
that are not statements of historical fact may be deemed
forward-looking statements. Without limiting the foregoing, the
words “believes,” “anticipates,” “plans,” “expects,” “intends,”
“appears,” “estimates,” “projects,” “will,” “would,” “could,”
“should,” “targets,” and similar expressions are also intended to
identify forward-looking statements. The forward-looking statements
in this release involve a number of risks and uncertainties. The
Company’s actual future results may differ materially from the
results discussed in the forward-looking statements contained in
this release. Important factors that might cause such a difference
include, but are not limited to, risks associated with: actual
operating performance; actual expense savings and other operating
improvements resulting from restructurings, the loss, modification,
or delay of contracts which would, among other things, adversely
impact the Company’s recognition of revenue included in backlog;
the Company’s dependence on certain industries and clients; the
Company’s ability to win new business, manage growth and costs, and
attract and retain employees; the Company’s ability to complete the
acquisition of ExecuPharm, Inc. and additional acquisitions, and to
integrate newly acquired businesses including the acquisitions of
ExecuPharm, Inc. and Health Advances, LLC, or enter into new lines
of business; the impact on the Company’s business of government
regulation of the drug, medical device and biotechnology industry;
consolidation within the pharmaceutical industry and competition
within the biopharmaceutical services industry; the potential for
significant liability to clients and third parties; the potential
adverse impact of health care reform; and the effects of foreign
currency exchange rate fluctuations and other international
economic, political, and other risks. Such factors and others are
discussed more fully in the section entitled “Risk Factors” of the
Company’s Annual Report on Form 10-K and subsequent quarterly
reports on Form 10-Q, as filed with the Securities and Exchange
Commission, which “Risk Factors” discussion is incorporated by
reference in this press release. The Company specifically disclaims
any obligation to update these forward-looking statements in the
future. These forward-looking statements should not be relied upon
as representing the Company’s estimates or views as of any date
subsequent to the date of this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20160926005166/en/
PAREXEL International CorporationMedia:Cristi Barnett,
+1-781-434-4019Cristi.Barnett@PAREXEL.comorInvestors:Ronald
Aldridge, +1-781-434-4753ron.aldridge@PAREXEL.com
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