PFIZER INC. AND PAREXEL INTERNATIONAL CORP. SIGN STRATEGIC PARTNERSHIP AGREEMENT TO ADVANCE CLINICAL DEVELOPMENT
Boston, MA, May 26, 2011—PAREXEL International Corporation (NASDAQ: PRXL), a leading global biopharmaceutical services provider, today announced that it has been selected as one of two strategic partners by Pfizer Inc. to provide clinical development services. PAREXEL will work with Pfizer to achieve greater speed and cost efficiencies in its clinical development programs while delivering a high level of quality and innovation. To provide these benefits to Pfizer, PAREXEL will leverage its proven clinical processes and expertise combined with its market-leading eClinical technology platform.
Through the partnership with PAREXEL, Pfizer will receive the benefits of the industry’s most dynamic and innovative approaches to strategic partnerships between a service provider and a sponsor. Under a five-year agreement, Pfizer will leverage PAREXEL’s strengths and scale to execute clinical development programs on a global basis with greater efficiency and rigor. The partnership model will be implemented over an 18-24 month period beginning in June 2011.
“This new strategic partnership model is part of a comprehensive program to sharpen our research focus at Pfizer, and creates a more flexible cost base through outsourcing of certain research and development services. We are creating partnerships for activities that can be performed most effectively and efficiently outside of the company, and have selected PAREXEL because it is a leader in providing combined technology and clinical capabilities,” said John Hubbard, Senior Vice President, Worldwide Development, Pfizer. “We chose PAREXEL due to the Company’s in-depth expertise, as well as its steadfast commitment to quality and regulatory compliance, deep belief in collaboration, and strong drive to deliver success.”
“We look forward to providing innovative solutions and expertise to help Pfizer accelerate clinical trials and accomplish its development goals. PAREXEL is proud to be selected as a strategic partner and will work collaboratively with Pfizer to create significant value,” said Josef von Rickenbach, Chairman and Chief Executive Officer, PAREXEL International. “We are focused on applying best-practice operational models, supported by a combination of our eClinical solutions and clinical processes, to help Pfizer reduce the time and cost of development. Leveraging our global resources and worldwide technology infrastructure, we can enable more effective information flow and improve data access, which results in greater visibility into trials—and ultimately in better decision making.”
As an innovator in creating strategic partnerships in the biopharmaceutical services industry for nearly 30 years, PAREXEL uses a spectrum of relationship models to meet the diverse requirements of clients. 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 regulatory and reimbursement consulting, clinical development expertise, and integrated eClinical technologies from Perceptive Informatics to achieve results for ever more complex development programs. The Company leverages its established global footprint in 52 countries to provide the right experts in the right geographical locations for any aspect or phase of designing and executing clinical trials.
PAREXEL will be providing financial guidance, including the effect of this agreement, on June 1, 2011 in conjunction with its annual Investor Day.
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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 71 locations throughout 52 countries around the world, and has approximately 10,350 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,” “should,” “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, including the anticipated restructuring charge of approximately $15 million over the fourth quarter of Fiscal Year 2011 as well as the first and second quarters of Fiscal Year 2012; 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 as filed with the SEC on May 10, 2011, 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.