BOSTON, March 27 /PRNewswire-FirstCall/ -- PAREXEL International Corporation ("PAREXEL") today announced that it has expanded its minority interest ownership in the clinical pharmacology business of Synchron Research in Ahmedabad, India. The Company also announced the sale of a bioanalytical laboratory in Poitiers, France to a subsidiary of Synchron, SYNEXEL Research International.
Under the terms of the new agreement, PAREXEL's ownership interest in the Ahmedabad Phase I business has increased from 19.5% to 31.0% on a fully diluted basis, at a cost of approximately $5.0 million dollars. In a separate transaction, PAREXEL sold the Poitiers business to Synchron's SYNEXEL Research International for approximately $6.7 million dollars. Staff of the bioanalytical lab in Poitiers, France will join Synchron's bioanalytical business unit.
"Over the past several years, PAREXEL has developed a strong global clinical pharmacology capability, through both organic growth and acquisitions. As a result, we are an industry leader in expertise-based Phase I studies," said Josef H. von Rickenbach, Chairman and Chief Executive Officer, PAREXEL International. "PAREXEL's increased investment in Synchron's clinical pharmacology business demonstrates our commitment to helping clients select the most promising compounds earlier by providing complex, multi-site Phase I and Proof of Concept studies. We have a long-term commitment to conducting high quality clinical studies in India, and continue to strengthen our presence, both in India and globally, to help clients bring important new biopharmaceutical products to market."
In 2004, PAREXEL entered into an exclusive strategic collaboration with Synchron, a privately-held contract research organization in India. In 2006, PAREXEL expanded its relationship with Synchron by acquiring a majority stake of Synchron's clinical trials business operations in Bangalore, India, and a minority equity interest in Synchron's Ahmedabad, India clinical pharmacology business. In 2007, PAREXEL opened an office in Hyderabad, India to offer clients a wide range of clinical research and data management services.
PAREXEL has clinical pharmacology units in the United States, United Kingdom, Europe, and South Africa. The units provide bioanalytical services, data management, biostatistics, medical writing, and pharmacokinetic services for early phase clinical studies. PAREXEL's clinical pharmacology experts have a broad range of therapeutic experience, including central nervous system, cardiovascular, respiratory, metabolism/endocrine, and oncology.
About the Company
PAREXEL International Corporation is a leading global bio/pharmaceutical services organization, providing a broad range of knowledge-based contract research, medical communications and consulting 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 64 locations throughout 51 countries around the world, and has over 7,320 employees. For more information about PAREXEL International visit http://www.PAREXEL.com.
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. PAREXEL'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 restructurings; the loss, modification, or delay of contracts which would, among other things, adversely impact PAREXEL's recognition of revenue included in backlog; PAREXEL's dependence on certain industries and clients; PAREXEL's ability to win new business, manage growth and costs, and attract and retain employees; PAREXEL's ability to complete additional acquisitions and to integrate newly acquired businesses or enter into new lines of business; the impact on PAREXEL'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 PAREXEL's Quarterly Report on Form 10-Q for the period ended December 31, 2007 as filed with the SEC on February 7, 2008, which "Risk Factors" discussion is incorporated by reference in this press release. The forward-looking statements included in this press release represent PAREXEL's estimates as of the date of this release. PAREXEL specifically disclaims any obligation to update these forward-looking statements in the future. These forward-looking statements should not be relied upon as representing PAREXEL'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. All other names or marks may be registered trademarks or trademarks of their respective business and are hereby acknowledged.
CONTACT: James Winschel, Senior Vice President and Chief Financial
Officer, or Jill Baker, Vice President of Investor Relations, both of
PAREXEL International Corporation, +1-781-434-4118
Web site: http://www.parexel.com//
