Will add global scale to meet growing demand for safety services
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.
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