BOSTON, May 26, 2011 /PRNewswire/ -- PAREXEL International Corporation (NASDAQ: PRXL), a leading global biopharmaceutical services provider, today announced that it has been selected as one of two strategic partners by Pfizer Inc. to provide clinical development services. PAREXEL will work with Pfizer to achieve greater speed and cost efficiencies in its clinical development programs while delivering a high level of quality and innovation. To provide these benefits to Pfizer, PAREXEL will leverage its proven clinical processes and expertise combined with its market-leading eClinical technology platform.
Through the partnership with PAREXEL, Pfizer will receive the benefits of the industry's most dynamic and innovative approaches to strategic partnerships between a service provider and a sponsor. Under a five-year agreement, Pfizer will leverage PAREXEL's strengths and scale to execute clinical development programs on a global basis with greater efficiency and rigor. The partnership model will be implemented over an 18-24 month period beginning in June 2011.
"This new strategic partnership model is part of a comprehensive program to sharpen our research focus at Pfizer, and creates a more flexible cost base through outsourcing of certain research and development services. We are creating partnerships for activities that can be performed most effectively and efficiently outside of the company, and have selected PAREXEL because it is a leader in providing combined technology and clinical capabilities," said John Hubbard, Senior Vice President, Worldwide Development, Pfizer. "We chose PAREXEL due to the Company's in-depth expertise, as well as its steadfast commitment to quality and regulatory compliance, deep belief in collaboration, and strong drive to deliver success."
"We look forward to providing innovative solutions and expertise to help Pfizer accelerate clinical trials and accomplish its development goals. PAREXEL is proud to be selected as a strategic partner and will work collaboratively with Pfizer to create significant value," said Josef von Rickenbach, Chairman and Chief Executive Officer, PAREXEL International. "We are focused on applying best-practice operational models, supported by a combination of our eClinical solutions and clinical processes, to help Pfizer reduce the time and cost of development. Leveraging our global resources and worldwide technology infrastructure, we can enable more effective information flow and improve data access, which results in greater visibility into trials-and ultimately in better decision making."
As an innovator in creating strategic partnerships in the biopharmaceutical services industry for nearly 30 years, PAREXEL uses a spectrum of relationship models to meet the diverse requirements of clients. PAREXEL's approach to strategic partnering focuses on assisting biopharmaceutical companies in reducing fixed costs, shortening development times, and speeding delivery of safe and effective treatments to market. PAREXEL has transformed its business to deliver a new level of strategic partnering, based on program design expertise, operational excellence, and project leadership to help clients achieve their development goals. PAREXEL provides a unique combination of regulatory and reimbursement consulting, clinical development expertise, and integrated eClinical technologies from Perceptive Informatics to achieve results for ever more complex development programs. The Company leverages its established global footprint in 52 countries to provide the right experts in the right geographical locations for any aspect or phase of designing and executing clinical trials.
PAREXEL will be providing financial guidance, including the effect of this agreement, on June 1, 2011 in conjunction with its annual Investor Day.
About PAREXEL International
PAREXEL International Corporation is a leading global bio/pharmaceutical services organization, providing a broad range of knowledge-based contract research, consulting, and medical communications 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. Perceptive Informatics, Inc., a subsidiary of PAREXEL, provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 71 locations throughout 52 countries around the world, and has approximately 10,350 employees. For more information about PAREXEL International visit www.PAREXEL.com.