Parexel Explained

Parexel International
Type:Private
Traded As:NASDAQ:
Key People:Peyton Howell (CEO)
Industry:Clinical research organizations
Pharmaceutical
Services:clinical trial management, data management, medical writing, biostatistics, pharmacovigilance, regulatory consulting
Num Employees:18,900 [1]
Location:Durham, North Carolina, U.S.Newton, Massachusetts, U.S.
Num Locations:84+ facilities in 51+ countries
Revenue:$2.3 billion (2017)[2]

Parexel International is an American provider of biopharmaceutical services. It conducts clinical trials on behalf of its pharmaceutical clients to expedite the drug approval process. It is the second largest clinical research organization in the world and has helped develop approximately 95% of the 200 top-selling biopharmaceuticals on the market today.[3] The company publishes the annual Parexel R&D Statistical Sourcebook[4] and operates the Parexel-Academy.[5]

Parexel was founded in 1982 by Josef von Rickenbach[6] and organic chemist Anne B. Sayigh[7] initially to advise Japanese and German firms on how to navigate the FDA approval process.[8] The firm has grown organically over the years and through 40 acquisitions. Josef von Rickenbach is credited with establishing Parexel's culture and practices based on the principles he experienced as a researcher at Schering-Plough in Lucerne, Switzerland, before leaving the company upon retiring in 2018.

In 1990, the firm expanded internationally and established new practice areas. By 1999 it had a staff of 4,500 and 45 offices. In the 2000s, it grew to over 18,000 employees. Parexel's consulting and clinical trial work has helped establish many household drug brands and contributed to numerous successes in modern pharmacology.

The company was acquired by private equity firm Pamplona Capital Management for approximately $5.0 billion.[9] The deal closed in September 2017.[10] On July 2, 2021, Parexel announced a merger agreement under which it would be acquired by EQT IX fund and Goldman Sachs for $8.5 billion.[11] EQT and Goldman Sachs completed the acquisition on November 15, 2021.[12]

Acquisition history

TGN1412 clinical trial

See main article: TGN1412.

In March 2006, a Parexel-run trial on behalf of TeGenero, the now bankrupt German biotechnology firm, on its anti-inflammatory drug TGN1412 to treat rheumatoid arthritis, multiple sclerosis or leukaemia, caused severe inflammation and multiple organ failure in six healthy volunteers at a facility based at Northwick Park Hospital in London.[46] The drug had been tested on animals but this was the first test on humans.

Parexel became the target of legal proceedings from lawyers representing the injured volunteers after the insurance policy of TeGenero was unable to provide sufficient compensation. When the liable company[47] subsequently declared bankruptcy,[48] lawyers for the volunteers initiated legal proceeding against Parexel and the two parties later entered into talks;[49] the results of this meeting have not been made public.[50]

A documentary shown in the UK on 28 September 2006 featuring journalist Brian Deer as part of Channel 4's Dispatches series exposed uncertainty about the existence of data that should mandatorily have been submitted by TeGenero to the Medicines and Healthcare products Regulatory Agency (MHRA) prior to the trial indicating whether TGN1412 had been adequately tested on human blood in vitro. Concerns were also raised about whether a safe human dosage was properly obtained by TeGenero. The MHRA however concluded that none of the companies involved could be held responsible for the outcome of the test and that the adverse events that occurred were most likely caused by an unpredicted biological action of the drug in humans.[51]

External links

Notes and References

  1. Web site: PAREXEL – Our Company. 29 March 2023.
  2. PAREXEL International Reports Fourth Quarter and Fiscal Year 2017 Results. 28 August 2017.
  3. Web site: MoneyShow.com: TOP PROS' TOP PICKS – Parexel Puts Drugs on Trial. MoneyShow.com. 2015-09-30. https://web.archive.org/web/20160401232913/http://www.moneyshow.com/articles.asp?aid=tptp072513-41094. 2016-04-01. dead.
  4. Web site: PAREXEL Biopharmaceutical Statistical Sourcebook 2014/2015 (eStats). 29 March 2023.
  5. Web site: PAREXEL Academy Adds Programs for Students. Applied Clinical Trials Editorial Staff. 13 April 2015.
  6. Web site: List of Public Companies Worldwide, Letter – Businessweek – Businessweek. Businessweek.com. 30 June 2023 .
  7. Web site: Entrepreneur Briefs.
  8. Web site: Josef von Rickenbach – Parexel. Bilanz.ch.
  9. News: BRIEF-Pamplona Capital Management completes acquisition of Parexel. Reuters. 29 September 2017.
  10. News: 2017-10-02. Pamplona Capital Management acquires Parexel International Private Equity Wire. 2021-01-29. Private Equity Wire. en.
  11. Web site: Parexel to be Acquired by EQT Private Equity and Goldman Sachs Asset Management Parexel International Corporation. 2022-01-04. newsroom.parexel.com. en.
  12. Web site: EQT Private Equity and Goldman Sachs Asset Management Complete Acquisition of Parexel Parexel International Corporation. 2022-01-04. newsroom.parexel.com. en.
  13. Web site: PAREXEL Form 10-K (1997). 1997-09-29. EDGAR. PAREXEL. 2016-12-25.
  14. Web site: PAREXEL COMPLETES TWO ACQUISITIONS. 1997-03-03. PRNewswire UK. PAREXEL. 2016-12-25.
  15. Web site: PAREXEL Announces Information Technology Investments. 1997-11-06. PRNewswire. PAREXEL. 2016-12-25.
  16. Web site: PAREXEL Completes Acquisition of Kemper-Masterson, Inc.. 1997-12-02. PRNewswire. PAREXEL. 2016-12-25.
  17. Web site: PAREXEL Acquires Leading International Contract Marketing Services Company. 1998-03-02. PRNewswire. PAREXEL. 2016-12-25.
  18. News: Parexel Pays $148 Million For Three European Firms. Bulkeley. William M.. 1998-03-03. The Wall Street Journal. 0099-9660. 2016-12-25.
  19. Web site: PAREXEL Acquires Groupe Pharmedicom. 1999-04-01. PRNewswire. PAREXEL. 2016-12-25.
  20. Web site: COVANCE SAYS IT IS ACQUIRING PAREXEL FOR $612 MILLION. 1999-04-30. The New York Times. 2016-12-25.
  21. Web site: Covance, Parexel part. 1999-06-25. CNNMoney. 2016-12-25.
  22. Web site: PAREXEL Acquires the Phase I Clinical Research Business And Bioanalytical Laboratory of CEMAF S.A.. 1999-09-15. PRNewswire. PAREXEL. 2016-12-25.
  23. Web site: PAREXEL Acquires Majority Interest in Clinical Pharmacology Research Business and Bioanalytical Laboratory in South Africa. 2000-10-16. PRNewswire. PAREXEL. 2016-12-25.
  24. Web site: Parexel acquires Glaxo's UK pharmacology unit. 2000-10-04. www.drugdiscoveryonline.com. 2016-12-25.
  25. Web site: PAREXEL International Enhances Presence in Latin America. 2001-07-30. PRNewswire. PAREXEL. 2016-12-25.
  26. Web site: PERCEPTIVE INFORMATICS ACQUIRES INVANTAGE, INC.. 2002-09-10. PAREXEL. 2016-12-25.
  27. Web site: Parexel acquires Pracon & HealthIQ. 2002-11-04. Boston Business Journal. American City Business Journals. 2016-12-25.
  28. Web site: ACQUISITIONS AND IMPACT OF RESTRUCTURING AND OTHER CHARGES. 2003-09-15. PAREXEL Form 10-K (2003). EDGAR. 2016-12-25.
  29. Web site: NOTE 18. SUBSEQUENT EVENTS. 2005-09-08. Parexel Form 10-K 2005. EDGAR. 2016-12-25.
  30. Web site: Parexel acquires marketing firm. 2004-10-04. Boston Business Journal. American City Business Journals. 2016-12-25.
  31. Web site: Parexel buys out remaining minority interest in Perceptive Informatics. 2005-08-22. Boston Business Journal. American City Business Journals. 2016-12-25.
  32. Web site: Parexel Establishes Presence in India. 2006-10-04. pharmaasia.com. Contineo Media Pte Ltd (Singapore). 2016-12-25.
  33. Web site: PAREXEL Agrees to Acquire California Clinical Trials Medical Group, Inc., and Behavioral and Medical Research, LLC; Acquisition Adds West Coast Phase I Unit and Specialty Phase II – IV Clinical Research Services. 2006-10-12. www.edgemontcapital.com/. Edgemont Capital Partners. 2016-12-25.
  34. Web site: Parexel strengthens Asia-Pacific hand with Apex acquisition. 2007-10-02. pharmatimes.com. PharmaTimes Media Ltd.. 2016-12-25.
  35. Web site: Parexel puts up $182M for U.K. firm ClinPhone. 2008-06-13. Boston Business Journal. American City Business Journals. 2016-12-25.
  36. Web site: PAREXEL International Announces Acquisition of Liquent, Inc., and Updates Financial Guidance. 2012-12-27. [PR Newswire]. Cision Inc.. 2016-12-25.
  37. Web site: Parexel Acquires Heron Group in Up To $38M Deal. 2013-05-01. Genetic Engineering & Biotechnology News. Mary Ann Liebert, Inc.. 2016-12-25.
  38. Web site: Parexel taps Middle East, North Africa with Atlas acquisition. Brennan. Zachary. 2014-07-02. outsourcing-pharma.com. William Reed Business Media. 2016-12-25.
  39. Web site: Parexel acquires ClinIntel. 2014-10-06. Cosmetics Business. HPCi Media Ltd.. 2016-12-25.
  40. Web site: Parexel to tap additional pharmacovigilance services with QSI acquisition. Brennan. Zachary. 2015-03-26. outsourcing-pharma.com. William Reed Business Media. 2016-12-25.
  41. Web site: Parexel moves to buy a pharma consulting firm. Garde. Damian. 2016-01-21. FierceBiotech. Questex. 2016-12-25.
  42. Web site: PAREXEL to Acquire ExecuPharm. 2016-09-27. Contract Pharma. Rodman Media. 2016-12-25.
  43. Web site: Parexel Completes Purchase of Roam Analytics' Natural Language Processing Capability. 2020-09-22. Parexel. 2020-09-22.
  44. Web site: Parexel Announces Acquisition of Leading Pharmacology Modeling & Analytics Firm Model Answers. 2021-06-10. www.parexel.com. en.
  45. Web site: Announcing Calyx: Advancing Clinical Research Through Technology-Enabled Services. 29 March 2023.
  46. News: Drugs trial men 'seriously ill' . . March 15, 2006 .
  47. News: When drug trials go horribly wrong. The International Herald Tribune . April 9, 2006 . 2007-12-18.
  48. News: Will Parexel Settle? TeGenero Litigation. ClinPage . March 19, 2007 . 2007-12-18.
  49. News: Window is open for compensation in TGN1412 case . PharmaTimes . March 14, 2007 . https://archive.today/20130131054109/http://www.pharmatimes.com/ClinicalNews/article.aspx?id=10534 . dead . January 31, 2013 . 2007-12-18 .
  50. Web site: FirstWord Pharma. firstwordpharma.com.
  51. http://www.mhra.gov.uk/home/idcplg?IdcService=SS_GET_PAGE&useSecondary=true&ssDocName=CON2023822&ssTargetNodeId=389 Clinical trial final report, MHRA