BOSTON, March 26, 2015 /PRNewswire/ -- PAREXEL
International Corporation (Nasdaq: PRXL), a global clinical
research organization, announced today that the Company has signed
a definitive agreement to acquire all of the business
assets of privately-owned Quantum Solutions India ("QSI"), a
leading provider of specialized pharmacovigilance services, based
in Chandigarh, India. Pharmacovigilance refers to the
collection, detection, assessment, monitoring, and prevention of
adverse effects with pharmaceutical products. The acquisition
is expected to close in early April of 2015, subject to the
satisfaction of closing conditions.
QSI was established in 2004, and delivers a complete range of
pharmacovigilance services including individual case safety report
processing, brand physician activities, affiliate support,
aggregate report writing, literature reviews, and signal
detection. The Company serves pharmaceutical, medical device
and consumer clients across the globe, and has approximately 900
employees.
Josef von Rickenbach, Chairman
and CEO of PAREXEL stated, "The acquisition of QSI will strengthen
our capabilities in the growing field of outsourced safety
management solutions, or pharmacovigilance. It will help us
to create greater scale in this service area, and thereby enable us
to provide a more comprehensive, efficient, and economical solution
to clients around the world. Combined with the existing
post-approval and regulatory strengths of PAREXEL, this acquisition
will support the expansion of our pharmacovigilance services onto a
broader platform. We are excited to be able to offer our
clients QSI's leading services through our Clinical Research
Services business."
The QSI business will be integrated into PAREXEL's
Peri/Post-Approval Services group which is part of the CRS
segment. It is also expected to have strong synergies with
PAREXEL's Regulatory Outsourcing Services business within the
PAREXEL Consulting segment.
The purchase will be funded with existing cash. The impact
of the acquisition on PAREXEL's Fiscal Year 2015 revenue and
earnings per share is not expected to be material.
About PAREXEL International
PAREXEL 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, Inc. provides
advanced technology solutions, including medical imaging, to
facilitate the clinical development process. Headquartered near
Boston, Massachusetts, PAREXEL
operates in 81 locations in 51 countries around the world, and has
approximately 16,530 employees. 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. 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
additional acquisitions, and to integrate newly acquired businesses
including the recent acquisition of ClinIntel Limited and proposed
acquisition of QSI, 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 Quarterly Report on Form 10-Q for the
quarter ended December 31, 2014 as
filed with the Securities and Exchange Commission on February 5, 2015, 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.
CONTACTS:
Ingo Bank, Senior Vice President
and Chief Financial Officer
Jill
Baker, Corporate Vice President of Investor
Relations
+1-781-434-4118
Cristi Barnett, Senior Director, Global Public
Relations
+1-781-434-4019
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SOURCE PAREXEL International Corporation