BOSTON, July 19, 2012 -- PAREXEL International Corporation (NASDAQ: PRXL), a leading global biopharmaceutical services provider, today announced it is the first contract research organization (CRO) chosen by the Korea Drug Development Fund (KDDF) to help Korean companies develop and commercialize healthcare products for the global market.
"Under the leadership of Dr. Dongho Lee, the KDDF is expected to be an important resource for emerging biopharmaceutical companies to advance their promising new technologies," said Ron Kraus, Corporate Vice President and Worldwide Head of PAREXEL Consulting and Medical Communications Services. "This partnership further demonstrates PAREXEL's continued commitment to the Asia-Pacific region and helps increase our opportunities for industry innovation. We are excited to provide our fusion of expertise to support KDDF and its mission of supporting global drug development."
"The Korea Drug Development Fund is pleased to work with PAREXEL to establish various collaborative channels providing essential resources to Korean academic and research institutions and biopharmaceutical companies," said Dr. Dong Ho Lee, CEO of KDDF. "Together with PAREXEL, KDDF will be able to provide professional consulting services to the Korean research communities to advance research activities and promote important innovation."
The KDDF is a consortium of three health-related Korean ministries: the Ministry of Knowledge Economy, the Ministry of Education, Science and Technology, and the Ministry of Health and Welfare. KDDF was established in September 2011 with assets of $1 billion to develop at least 10 new drugs by 2019 for the global market. Its alliance with PAREXEL enhances its development network and will provide access to a broad range of drug development support services for its selected investments. These services are tailored to meet the needs of Korean national companies and will span the entire drug development continuum.
The alliance with KDDF follows PAREXEL's 2012 collaborative research agreement with ASAN Medical Center (AMC), based in Seoul, Korea. PAREXEL is one of Asia's leading providers of biopharmaceutical services and has had a presence in the Asia/Pacific region for over 16 years. PAREXEL has more than 2,800 employees and 21 offices throughout important industry centers in the region, including locations in Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand. PAREXEL experts support biopharmaceutical companies in accessing diverse patient populations, navigating regulatory issues, identifying investigators, and ensuring data quality throughout the Asia/Pacific region.
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 50 countries around the world, and has approximately 11,920 employees. For more information about PAREXEL International visit www.PAREXEL.com.
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 significantly 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 recent and anticipated 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 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 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 March 31, 2012 as filed with the SEC on May 10, 2012, 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.
PAREXEL is a registered trademark of PAREXEL International Corporation, and Perceptive Informatics is a trademark of Perceptive Informatics, Inc. All other names or marks may be registered trademarks or trademarks of PAREXEL International Corporation, Perceptive Informatics, Inc. or their respective owners and are hereby acknowledged.