Parexel, a global clinical research organisation (CRO), has announced the execution of a merger agreement under which it will be acquired by EQT IX fund and the private equity business within Goldman Sachs Asset Management (Goldman Sachs) from Pamplona Capital Management LP for $8.5 bn.
Parexel CEO Jamie Macdonald said. “With the market for outsourced clinical research services anticipated to grow at a conservative CAGR of 8 to 9 percent, our focus remains on advancing and innovating Parexel to meet our customers’ needs across the evolving clinical development landscape. EQT and Goldman Sachs support this vision and are committed to investing in Parexel and our people to capitalise on this exciting market opportunity and make a difference for patients.”
Eric Liu, Partner and Global Co-Head of Healthcare at EQT, commented: “We have followed Parexel closely during the past few years and have been impressed by the company’s development and trajectory. Our investment in Parexel reflects EQT’s thematic focus on the life sciences industry, as well as our commitment to partner with businesses that have a positive impact on society. We are excited to partner with Goldman Sachs for the next stage of Parexel’s journey, and to back Jamie, who prior to his role at Parexel had been a long-time senior advisor to EQT, as well as the rest of the Parexel team.”
Jo Natauri, Partner and Global Head of Private Healthcare Investing within Goldman Sachs Asset Management, commented: “We are thrilled to partner with Jamie Macdonald, the entire Parexel management team and EQT to support Parexel, which has a distinguished track record of delivering clinical excellence to their large pharma and biotech customers globally. We believe this investment will accelerate Parexel’s growth as it builds on the company’s global footprint, strong operational capabilities and expansive healthcare network.”