PAREXEL Announces Execution of Definitive Agreement to Acquire Health Advances
January 19 2016 - 12:00PM
Business Wire
Acquisition will strengthen PAREXEL’s
Leadership in Strategic Consulting Services
PAREXEL International Corporation (NASDAQ: PRXL), a leading
global biopharmaceutical services organization, today announced
that the Company has entered into a definitive agreement to acquire
all outstanding equity securities of Health Advances, LLC (“Health
Advances”), an independent life sciences strategy consulting firm.
Health Advances combines clinical, scientific and business
expertise to provide strategic advice to executives leading life
sciences companies and investors. The acquisition is expected to
close in February, subject to the satisfaction of closing
conditions including expiration or termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976.
Established in 1992, Health Advances employs approximately 120
scientists, clinicians, and business professionals in three main
offices – two in the US and one in Europe. It works with more than
half of the top 25 biopharmaceutical companies; the leading medical
device, diagnostics, and health information technology companies;
and healthcare investors and service businesses. Health Advances
offers specialized services such as portfolio planning, product
positioning, market assessment and forecasting, strategic and
business planning, as well as advising on partnering and
acquisitions.
“Health Advances is a market-leading life sciences consultancy.
Its innovative services, strong client relationships, and talented
employees will complement our long-standing leadership in drug
development, market access, and lifecycle management services for
our clients,” stated Josef von Rickenbach, Chairman and CEO,
PAREXEL. “Health Advances will expand and strengthen our
capabilities to meet the growing market demand for strategic
portfolio- and product-level commercialization consulting. Clients
will be able to engage with a single, global provider to fulfill
all of their commercialization strategy and execution needs.”
“We are thrilled to be part of PAREXEL and offer clients a
global presence, a larger range of services, and increased
expertise in product and portfolio development. Together, we can
maximize the value of our clients’ product and service portfolios,”
added Mark Speers and Paula Ness Speers, Co-founders of Health
Advances.
About PAREXEL InternationalPAREXEL International
Corporation is a leading global biopharmaceutical services
organization, providing a broad range of expertise-based contract
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, medical education 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 80
locations in 51 countries around the world, and had approximately
18,620 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, including expense
savings from the $30 - $45 million restructuring charge disclosed
in the press release dated June 23, 2015; 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
additional acquisitions, and to integrate newly acquired businesses
including the acquisitions of ClinIntel Limited and Quantum
Solutions India and proposed acquisition of 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 most recent Annual Report on Form
10-K and subsequent reports on Form 10-Q 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/20160119006284/en/
PAREXEL International CorporationMedia:Cristi Barnett, +1
781-434-4019Cristi.Barnett@PAREXEL.comorInvestors:Ingo Bank, Senior
Vice President and Chief Financial OfficerInvestor Relations,
+1-781-434-4118IR@PAREXEL.com
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