Based in Boston of Massachusetts, Parexel offers a range of expertise-based clinical research, consulting, medical communications, and technology solutions and services to the pharmaceutical, biotechnology and medical device firms across the globe.
The services range from drug development and regulatory consulting to clinical pharmacology, clinical trials management, and reimbursement.
Its informatics division offers advanced technology solutions such as medical imaging to facilitate the integrated clinical development and regulatory information management process.
With around 19,600 employees, Parexel has offices in 86 locations in 51 countries across the globe.
Subject to the approval of a majority of Parexel shareholders and the satisfaction of other customary closing conditions, the deal is expected to complete in the fourth quarter of this year.
Parexel International chairman and CEO Josef von Rickenbach said: “Today’s announcement is the culmination of a comprehensive review of the opportunities available to the company, including interest solicited and received from multiple parties with the assistance of independent financial and legal advisors.
“Having considered these opportunities, the Parexel board of directors unanimously determined that this all-cash transaction and the significant, certain value it provides is in the best interest of Parexel shareholders, as well as our company.”
Image: Pamplona Capital Management to acquire biopharmaceutical services provider Parexel International. Photo: courtesy of adamr / FreeDigitalPhotos.net.