Acquisition will strengthen PAREXEL's Leadership in Strategic Consulting Services
BOSTON, January 19, 2016 – 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 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 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.