PAREXEL Announces Definitive Agreement to Acquire The Medical Affairs Company
February 01 2017 - 7:00PM
Business Wire
Acquisition will strengthen and add scale to
current commercialization and medical affairs services
PAREXEL International Corporation (NASDAQ: PRXL), a leading
global biopharmaceutical services provider, today announced that
the Company has entered into a definitive agreement to acquire The
Medical Affairs Company, LLC (“TMAC”), a leading provider of
outsourced medical affairs services to the pharmaceutical,
biotechnology, and medical device industries. The acquisition is
expected to close in February. Terms of the transaction were not
disclosed.
Founded in 2007, TMAC is a full-service contract medical
organization. TMAC offers strategic and tactical medical science
liaison (MSLs) and clinical nurse educator support services in
addition to medical affairs consulting, medical communications
support, and direct placement services. TMAC is based in Kennesaw,
Georgia, and has approximately 200 U.S.-based employees.
Outsourcing medical affairs services presents a compelling
option for biopharmaceutical companies as a way to reduce fixed
costs. The increasingly complex nature of new products, and the
need to demonstrate the therapeutic and reimbursement value of a
product, is creating demand for credentialed healthcare
professionals, such as MSLs, to lead clinically robust dialogues
with key medical stakeholders on a peer-to-peer level.
“The commercialization-outsourcing market continues to grow as
biopharmaceutical clients increasingly require medical affairs
solutions to optimize awareness and understanding of their products
in development or already on the market,” said Josef von
Rickenbach, Chairman and CEO, PAREXEL. “As a company, we are
focused on opportunities within commercialization, market access,
regulatory, pharmacovigilance, and medical outsourcing. With TMAC,
PAREXEL will gain new and distinct medical affairs outsourcing
capabilities that will strengthen and expand our commercialization
and market access offerings.”
“We are excited to become a part of PAREXEL and offer our
clients a comprehensive range of services delivered by a single
company. Working together, PAREXEL and TMAC will deliver greater
value to clients and meet evolving client needs, throughout the
lifecycle of their products,” added Evan Demestihas, MD, RPh, Chief
Executive Officer, TMAC.
After the close of the acquisition, the TMAC management team
will remain in place and continue to manage its employees and the
services it currently provides to clients.
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 85 locations in 51 countries around the
world, and had approximately 19,625 employees in the first 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.
All other trademarks are the property of their respective
owners.
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 The Medical Affairs Company, LLC and additional
acquisitions, and to integrate newly acquired businesses including
the acquisitions of The Medical Affairs Company, LLC, 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170201006421/en/
PAREXEL International CorporationMedia:Cristi BarnettTel.: +1
781-434-4019Email: Cristi.Barnett@PAREXEL.comorInvestors:Ronald
AldridgeTel.: +1-781-434-4753Email: ron.aldridge@PAREXEL.com
Parexel (NASDAQ:PRXL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Parexel (NASDAQ:PRXL)
Historical Stock Chart
From Apr 2023 to Apr 2024