BOSTON -- 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.
Ingo Bank, Senior Vice President and Chief Financial Officer
Jill Baker, Corporate Vice President of Investor Relations
Cristi Barnett, Senior Director, Global Public Relations