BOSTON, July 21 /PRNewswire-FirstCall/ -- PAREXEL International Corporation today announced the acquisition of QdotPharma, a leading Phase I and IIa Proof of Concept clinical pharmacology business located in George, South Africa. Established in 1996, the privately held company operates 32 beds and has therapeutic expertise in working with drugs to treat central nervous system, psychiatric, cardiovascular, and metabolic conditions. PAREXEL acquired the business and related facilities for approximately $6 million in cash and potential earn-out payments.
"The acquisition of Qdot further expands our service offerings in South Africa, and enhances the delivery of high quality and cost-effective products to our clients," stated Josef von Rickenbach, PAREXEL's Chairman and Chief Executive Officer. "We have seen an increasing demand from clients for Phase I and IIa services, and South Africa provides access to volunteers and patients in a cost-effective setting, thereby enabling us to efficiently recruit and screen these individuals for clinical studies. Qdot's business provides a strong complement to FARMOVS, our existing Phase I and bioanalytical laboratory business which is located nearby in Bloemfontein, and we expect to obtain synergies in patient recruitment, shared business development leads, and pooling of other resources as the businesses work together."
Professor Otto Muller, President of QdotPharma stated, "We are excited to be joining forces with a strong global service provider like PAREXEL, and know that the high quality systems that PAREXEL has developed over the years will further extend our capabilities to better serve clients."
PAREXEL is one of the largest biopharmaceutical outsourcing organizations in the world, providing a broad range of knowledge-based contract research, medical marketing and consulting services to the worldwide pharmaceutical, biotechnology and medical device industries. With a commitment to providing solutions that expedite time-to-market and peak market penetration, PAREXEL has developed significant expertise in clinical trials management, data management, biostatistical analysis, medical marketing, clinical pharmacology, regulatory and medical consulting, industry training and publishing and other drug development consulting services. Its information technology subsidiary, Perceptive Informatics, Inc., develops and offers a portfolio of innovative technology-based products and services that facilitate clinical drug development and are designed to decrease time to peak sales. The technology portfolio includes web-based portal solutions and tracking tools, Interactive Voice Response Systems (IVRS), Clinical Trial Management Systems (CTMS), electronic diary and investigator database solutions. Perceptive also offers advanced medical diagnostics services to assess rapidly and objectively the safety and efficacy of new drugs, biologics, and medical devices in clinical trials. PAREXEL's integrated services, therapeutic area depth and sophisticated information technology, along with its experience in global drug development and product launch services, represent key competitive strengths. Headquartered near Boston, MA, PAREXEL operates in 51 locations throughout 37 countries around the world, and has over 5,100 employees.
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", "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 restructurings, including the restructuring activities referenced in this release; the loss, modification, or delay of contracts which would, among other things, adversely impact the Company's recognition of revenue included in backlog; the geographic distribution of the Company's revenue and tax obligations; 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; government regulation of the drug, medical device and biotechnology industry; consolidation within the pharmaceutical industry; 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, 2005 as filed with the SEC on May 9, 2005, which "Risk Factors" discussion is incorporated by reference in this press release. The forward-looking statements included in this press release represent the Company's estimates as of the date of this 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 their respective owners and are hereby acknowledged.
Jill Baker, Vice President of Investor Relations
PAREXEL International Corporation