|Parexel CEO Josef von Rickenbach|
Almost 10 years after closing a deal for the eClinical-focused Perceptive Informatics, CRO giant Parexel International ($PRXL) is grafting its own name onto the subsidiary, part of a sweeping rebranding effort the company hopes will help nail down more partnerships.
Perceptive Informatics, which the CRO valued at $66.3 million when it took full control in 2005, will from now on go by Parexel Informatics, as the parent company is working to rein in its disparate services and emphasize that it can offer full-scale drug development work, including electronic data management. At the same time, Parexel will keep the Perceptive name on some of its well-established products, including the top-selling MyTrials platform, Chief Operating Officer Mark Goldberg said
"As biopharmaceutical companies increasingly seek a combination of solutions from a single service provider, we are more closely integrating our clinical research and technology offerings to meet this need," Goldberg said in a statement.
Meanwhile, the former Perceptive Informatics has more than proven itself as one of Parexel's wisest bets. The CRO's traditional drug development units have ebbed and flowed with market trends, but its eClinical segment has long been a steady, reliable source of revenue growth. In the 6 months ended Dec. 31, the business jumped roughly 29% to $130.9 million in net sales, becoming Parexel's second-largest segment by surpassing its consulting and medical communications arm.
As for the rest of the rebranding effort, which includes some bells and whistles like a redesigned website and some new fonts, Parexel is clearly striking out to better entrench itself in the high-stakes competition between the largest entities in an increasingly top-heavy market. Slapping its name on more surfaces won't necessarily help Parexel contend with market leader Quintiles ($Q), of course, but the CRO's effort to modernize its image can't hurt in such an ultra-competitive space.
"Parexel's new brand platform clearly defines how we can simplify drug development by applying our unique capabilities to the work we do," CEO Josef von Rickenbach said in a statement. "This will help clients better understand the full scope of our portfolio, and how individual offerings interrelate."
- read the release on Perceptive Informatics
- get more about the rebranding effort