Eight months after the ax dropped late last year, 125 former GlaxoSmithKline staffers in Research Triangle Park found their jobs back on the chopping block Thursday as their new employer at Parexel included them in a lineup of new layoffs.
When GlaxoSmithKline reported last December that it was ripping into its R&D operations in Research Triangle Park, NC, and laying off 900 staffers, the pharma giant softened the blow by noting that some 450 of the workers would be transferring to Parexel, a major CRO with close ties to Glaxo. But today many of those jobs appear to be in danger after all.
As drugmakers expand drug development and manufacturing around the world, logistics become important and often challenging. Suppliers, as well as drugmakers, have to figure out how to get ingredients and supplies to new destinations. Parexel is latching onto that opportunity with a new distribution center in Singapore, as well as expansion of operations in Billerica, MA.
Between billion-dollar IPOs and big-name exclusive partnerships, it's a good time to be a giant in the CRO world. However, all the recent consolidation has made it harder for mid-size outfits to compete, as medium-capped players lack the capacity to challenge heavyweights and don't offer the kind of niche services that keep small CROs afloat.
Shares of Icon and Parexel slipped a bit yesterday as a crowd of analysts gathered around to criticize the CROs on the downside of a new wave of strategic relationships with Big Pharma companies.
The big CRO Parexel outlined plans to restructure its early-stage research efforts last month, offering a big-picture effort to cut back by 30 percent. Now the axe is falling on all nine of its...
As Pfizer hatchets billions of dollars from its R&D budget it's turning to two CROs as preferred providers for outsourcing its clinical trial work. In separate releases Parexel and Icon both
Shares of Parexel International took a beating this morning after the CRO noted a shortfall in early-phase research work that is triggering a restructuring in that segment of its drug research...
Merck is boosting its biologics unit in a deal with Parexel. The CRO will provide its clinical development services for Merck BioVenture, including access to regulatory strategy and clinical...
Global contract researcher PAREXEL has stepped into the cold chain business. The company has unveiled an integrated study-drug transport system for temperature monitoring based on radio-frequency