PAREXEL INTERNATIONAL ACQUIRES PRACON & HEALTHIQ
BOSTON, MA, November 4, 2002 — PAREXEL International Corporation (Nasdaq: PRXL), today announced the acquisition of Pracon & HealthIQ, a provider of specialized sales and marketing services based in Reston, Virginia and Orange, California. Pracon & HealthIQ employs approximately fifty-five individuals and is a division of Excerpta Medica, Inc., which is a wholly owned subsidiary of Reed Elsevier Group plc. The terms of the deal were not disclosed.
Founded in 1976, Pracon & HealthIQ provides services to pharmaceutical, biotech, and medical device companies in the areas of reimbursement assistance services, communications, and competitive intelligence. The company’s broad range of in-house expertise helps clients to develop customized solutions for positioning and promoting their medical products. The business will be combined with the operations of PAREXEL’s Medical Marketing Services (MMS) strategic business unit.
Andrew Smith, President of MMS stated, “The acquisition of Pracon & HealthIQ is a natural fit for our medical marketing business and will further strengthen our presence in the United States. It enables us to build upon our existing reimbursement and communications efforts while also expanding PAREXEL’s capabilities into areas such as competitive intelligence.”
PAREXEL does not anticipate the acquisition to have a material impact on overall company revenue or earnings per share for Fiscal 2003.
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., provides a variety of technology products and services, including web-based portal solutions and voice and data systems, which are designed to accelerate and enhance the clinical development and launch processes. 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 57 locations throughout 37 countries around the world, and has approximately 4,860 employees.
This release contains "forward-looking" statements regarding future results and events, including statements regarding the Company’s existing capital resources and future cash flows from operations, and 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", "appears", “estimates”, “projects” 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: actual operating performance; actual expense savings and other operating improvements resulting from recent restructurings; 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 win new business, manage growth, 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 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 and other international economic and political risks. Such factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Form 10-K for the fiscal year ended June 30, 2002, as filed with the Securities and Exchange Commission, 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.