Parexel

Last updated
Parexel International
Company type Private
Nasdaq: PRXL
Industry Clinical research organizations
Pharmaceutical
Founded1982;42 years ago (1982)
Headquarters Durham, North Carolina, U.S. Newton, Massachusetts, U.S.
Number of locations
84+ facilities in 51+ countries
Key people
Peyton Howell (CEO)
Services clinical trial management, data management, medical writing, biostatistics, pharmacovigilance, regulatory consulting
RevenueIncrease2.svg$2.3 billion (2017) [1]
Number of employees
18,900 [2]
Website parexel.com

Parexel International is an American provider of biopharmaceutical services. It conducts clinical trials on behalf of its pharmaceutical clients to expedite the drug approval process. It is the second largest clinical research organization in the world and has helped develop approximately 95% of the 200 top-selling biopharmaceuticals on the market today. [3] The company publishes the annual Parexel R&D Statistical Sourcebook [4] and operates the Parexel-Academy. [5]

Contents

Parexel was founded in 1982 by Josef von Rickenbach [6] and organic chemist Anne B. Sayigh [7] initially to advise Japanese and German firms on how to navigate the FDA approval process. [8] 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. [8]

In 1990, the firm expanded internationally and established new practice areas. By 1999 it had a staff of 4,500 and 45 offices. [8] In the 2000s, it grew to over 18,000 employees. Parexel's consulting and clinical trial work has helped establish many household drug brands and contributed to numerous successes in modern pharmacology.[ citation needed ]

The company was acquired by private equity firm Pamplona Capital Management for approximately $5.0 billion. [9] The deal closed in September 2017. [10] 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. [11] EQT and Goldman Sachs completed the acquisition on November 15, 2021. [12]

Acquisition history

TGN1412 clinical trial

In March 2006, a Parexel-run trial on behalf of TeGenero, the now bankrupt German biotechnology firm, on its anti-inflammatory drug TGN1412 to treat rheumatoid arthritis, multiple sclerosis or leukaemia, caused severe inflammation and multiple organ failure in six healthy volunteers at a facility based at Northwick Park Hospital in London. [46] The drug had been tested on animals but this was the first test on humans.

Parexel became the target of legal proceedings from lawyers representing the injured volunteers after the insurance policy of TeGenero was unable to provide sufficient compensation. When the liable company [47] subsequently declared bankruptcy, [48] lawyers for the volunteers initiated legal proceeding against Parexel and the two parties later entered into talks; [49] the results of this meeting have not been made public. [50]

A documentary shown in the UK on 28 September 2006 featuring journalist Brian Deer as part of Channel 4's Dispatches series exposed uncertainty about the existence of data that should mandatorily have been submitted by TeGenero to the Medicines and Healthcare products Regulatory Agency (MHRA) prior to the trial indicating whether TGN1412 had been adequately tested on human blood in vitro. Concerns were also raised about whether a safe human dosage was properly obtained by TeGenero. The MHRA however concluded that none of the companies involved could be held responsible for the outcome of the test and that the adverse events that occurred were most likely caused by an unpredicted biological action of the drug in humans. [51]

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References

  1. ↑ "PAREXEL International Reports Fourth Quarter and Fiscal Year 2017 Results" (Press release). 28 August 2017.
  2. ↑ "PAREXEL – Our Company" . Retrieved 29 March 2023.
  3. ↑ "MoneyShow.com: TOP PROS' TOP PICKS – Parexel Puts Drugs on Trial". MoneyShow.com. Archived from the original on 2016-04-01. Retrieved 2015-09-30.
  4. ↑ "PAREXEL Biopharmaceutical Statistical Sourcebook 2014/2015 (eStats)" . Retrieved 29 March 2023.
  5. ↑ Applied Clinical Trials Editorial Staff (13 April 2015). "PAREXEL Academy Adds Programs for Students".
  6. ↑ "List of Public Companies Worldwide, Letter – Businessweek – Businessweek". Businessweek.com. 30 June 2023.
  7. ↑ "Entrepreneur Briefs".
  8. 1 2 3 "Josef von Rickenbach – Parexel". Bilanz.ch.
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  10. ↑ "Pamplona Capital Management acquires Parexel International | Private Equity Wire". Private Equity Wire. 2017-10-02. Retrieved 2021-01-29.
  11. 1 2 "Parexel to be Acquired by EQT Private Equity and Goldman Sachs Asset Management | Parexel International Corporation". newsroom.parexel.com. Retrieved 2022-01-04.
  12. 1 2 "EQT Private Equity and Goldman Sachs Asset Management Complete Acquisition of Parexel | Parexel International Corporation". newsroom.parexel.com. Retrieved 2022-01-04.
  13. 1 2 "PAREXEL Form 10-K (1997)". EDGAR . PAREXEL. 1997-09-29. Retrieved 2016-12-25.
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  29. 1 2 "NOTE 18. SUBSEQUENT EVENTS". Parexel Form 10-K 2005. EDGAR. 2005-09-08. Retrieved 2016-12-25.
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  45. ↑ "Announcing Calyx: Advancing Clinical Research Through Technology-Enabled Services" . Retrieved 29 March 2023.
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