Boston CRO giant Parexel ($PRXL) said it is buying biopharma functional service provider ExecuPharm for an undisclosed amount.
The deal is expected to close in the next three weeks, the company said. Financial terms weren’t disclosed.
“Functional services represent an established and growing model within the biopharmaceutical industry,” Josef von Rickenbach, Parexel’s chairman and CEO, said in a statement. “With ExecuPharm, Parexel will expand and strengthen our existing functional services offering and capabilities to meet the growing market demand while allowing our clients to fulfill all of their clinical development outsourcing needs through a single company.”
King of Prussia, PA-based ExecuPharm, which was established in 1995, provides clients with qualified professionals across functional areas such as clinical monitoring or study management, along with associated activities including training, line management, performance management and policy administration.
News of the transaction follows the July resignation of Parexel’s chief financial officer and senior vice president, Ingo Bank, who the company said left to take a position at another company. Parexel has been in a cost-cutting mode since last year, when it said it would look to shed about 850 jobs in an attempt to save between $20 million and $30 million.
In late August, in an apparently unrelated matter, Parexel notified the SEC in a filing that it would be late in submitting its 10-K performance form as it has found out that one of its employees, who worked “in one of the Company’s international operations,” has been misusing its money.
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