PAREXEL ACQUIRES PHASE I CLINICAL PHARMACOLOGY UNIT IN THE UNITED KINGDOM FROM GLAXOWELLCOME
BOSTON, MA, October 4, 2000 — PAREXEL International Corporation (Nasdaq: PRXL) today announced its purchase of a full-service clinical pharmacology unit in the United Kingdom from GlaxoWellcome. The unit has been in operation at Northwick Park Hospital in Harrow since 1991, and currently supports nearly all of GlaxoWellcome's first-in-human studies. The transaction was completed on September 29, 2000.
"We appreciate the trust that GlaxoWellcome has demonstrated by selecting us to be their partner, and believe that this collaboration will greatly benefit both companies", stated Josef von Rickenbach, PAREXEL's Chairman and Chief Executive Officer. "The purchase of this high quality fully operational clinical pharmacology unit enables us to expand the spectrum of services we provide to clients in the United Kingdom. It will also help us to address the needs of our clients based in the United States, Japan, and other countries, who have requested this type of service in the United Kingdom."
Currently PAREXEL operates clinical pharmacology units in Washington, D.C., Berlin, Germany, and Poitiers, France, which are a part of the PAREXEL Consulting Group (PCG) division.
PAREXEL is one of the largest contract pharmaceutical 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 accelerate 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. The Company'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 43 locations throughout 29 countries around the world, and has approximately 4,200 employees.
This release may contain "forward-looking" statements regarding future results and events, including statements regarding expected financial results, future growth and customer demand that involve a number of risks and uncertainties. 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", and similar expressions are intended to identify forward-looking statements. 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: the cancellation, revision, or delay of contracts, including those contracts in backlog; the Company's dependence on certain industries and clients; the Company's ability to manage growth and its ability to 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 certain industries and clients; competition and consolidation within the pharmaceutical 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. These factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Annual Report on Form 10-K for the period ended June 30, 2000.