Parexel was founded in 1982 by Josef von Rickenbach and organic chemist Anne B. Sayigh [3][4] initially to advise Japanese and German firms on how to navigate the US Food and Drug Administration (FDA) drug approval process.[5] 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.[5][6] In 1990, the firm expanded internationally and established new practice areas. By 1999, it had a staff of 4,500 and 45 offices.[5]
The company was acquired in 2017 by private equity firm Pamplona Capital Management.[7][8] 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.[9] EQT and Goldman Sachs completed the acquisition on November 15, 2021.[10]
Operations
With a global workforce of about 21,000 in 2025, Parexel provides clinical research support to its clients over the range of Phase I to IVclinical trials in various therapeutic categories, including neuroscience, general medicine, oncology, and infectious diseases, among others.[2] Examples of services provided include management of clinical trial subjects and trial investigators, regulatory approval, outsourcing, market access strategies, medical communications, and drug safety assessment.[2][11]
Initially, Parexel was focused on helping pharmaceutical businesses in Japan and Germany to obtain approval for their candidate drugs by the US FDA.[13] Parexel also published a newsletter on FDA regulatory news called the U.S. Regulatory Reporter, which was the foundation of its medical marketing division.[16][17]
In 1984, new legislation made it easier to produce generic drugs, leading to a rapid expansion of the market for contract research.[15] Parexel started providing its own contract clinical research services in 1986, growing to $14.75 million in annual revenues in 1990.[15] In the 1990s, Parexel opened new offices in California, North Carolina, Japan, Italy, and Australia.[16] By 2018, Parexel had some 18,900 employees with operations in 100 countries.[6]
Initial public offering and acquisitions
Parexel went public on NASDAQ in 1995.[13] It used the funding to make a series of acquisitions,[16] including six consulting companies, two medical marketing businesses,[14] and three European businesses in 1998.[18] By 2018, Parexel had completed more than 40 mergers and acquisitions.[6]
As an acquisition
In September 2017, private equity firm Pamplona Capital Management bought Parexel for $5 billion, taking it off the public market.[6] By this time, Parexel had more than $2 billion in annual revenues.[6] In 2021, Parexel was acquired again for $8.5 billion by two private equity firms, EQT Private Equity and Goldman Sachs Asset Management.[11]
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$2.3 billion (2017) [1] 