PAREXEL ANNOUNCES STRATEGIC FUNCTIONAL SERVICE PROVIDER RELATIONSHIP WITH ELI LILLY AND COMPANY FOR CLINICAL DEVELOPMENT IN ASIA/PACIFIC REGION
Boston, MA, September 20, 2010 – PAREXEL International Corporation (NASDAQ: PRXL), a leading global biopharmaceutical services provider, today announced the establishment of a strategic functional service provider relationship with Eli Lilly and Company, a global pharmaceutical company, to support study start-up and site monitoring of clinical trials throughout the Asia/Pacific region. PAREXEL will assist Lilly in bringing greater efficiencies to its clinical research studies to help meet Lilly’s development and commercialization goals.
Through the agreement, Lilly will access PAREXEL’s talent and experience in Asia and Australia for study start-up and site monitoring. The collaboration will allow Lilly to focus on its relationships with investigators and regulators and increase its flexibility, productivity and efficiency. The strategic partnership with PAREXEL enables Lilly to more effectively allocate studies and apply necessary resources to meet patient and portfolio needs.
“We are constantly evaluating how we can increase our flexibility and focus internal efforts on our core capabilities,” said Jeff Kasher, Ph.D., Vice President of Global Clinical Development, Eli Lilly and Company. “This strategic agreement enables us to leverage PAREXEL’s expertise in clinical trial monitoring and site start-up services throughout the Asia/Pacific region, which will increase our ability to speed innovative medicines to patients.”
“Our strategic partnership with PAREXEL helps us focus on developing and maintaining relationships with investigators and regulators as core capabilities, while increasing our flexibility for managing monitoring resources to meet portfolio needs,” said Yukihito Kuwagaki, Senior Director of Clinical Development and Medical Science, Lilly Research Laboratories, Japan.
“PAREXEL looks forward to a collaborative relationship with Lilly to strategically provide the dedicated expertise and capabilities it needs within the Asia/Pacific region,” said Josef von Rickenbach, Chairman and Chief Executive Officer, PAREXEL International. “The Asia/Pacific region is comprised of some of the world’s fastest growing pharmaceutical markets. PAREXEL has developed extensive local expert resources and capabilities as well as in-depth knowledge for conducting high quality trials in the Asia/Pacific region. We are pleased to have been selected as a strategic partner by Lilly to help them accelerate development.”
As an innovator in defining strategic partnerships in the biopharmaceutical industry for over a decade, PAREXEL uses a spectrum of relationship models, including functional service provider relationships, to meet the diverse requirements of customers. PAREXEL’s approach to strategic partnering focuses on assisting biopharmaceutical companies in reducing fixed costs, shortening development times, and speeding delivery of safe and effective treatments to market. PAREXEL has transformed its business to deliver a new level of strategic partnering, based on program design expertise, operational excellence, and project leadership to help clients achieve their development goals. PAREXEL provides a unique combination of clinical development expertise, integrated technologies, and global access to provide results for ever more complex development programs.
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About PAREXEL International
PAREXEL International Corporation is a leading global bio/pharmaceutical services organization, providing a broad range of knowledge-based contract research, consulting, and medical communications 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 70 locations throughout 54 countries around the world, and has approximately 9,720 employees. For more information about PAREXEL International visit www.PAREXEL.com.
This release contains “forward-looking” statements regarding future results and events, including, without limitation, statements regarding expected financial results, future growth and customer demand. 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,” “will,” “would,” “could,” “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 recent and anticipated restructurings, the loss, modification, or delay of contracts which would, among other things, adversely impact the Company’s recognition of revenue included in backlog; 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; the impact on the Company’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 the Company’s Annual Report on Form 10-K for the year ended June 30, 2010 as filed with the SEC on August 27, 2010, which “Risk Factors” discussion is incorporated by reference in this press 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 PAREXEL International Corporation, Perceptive Informatics, Inc. or their respective owners and are hereby acknowledged.