Parexel acquisition boosts position in Asia-Pacific

A leading global biopharmaceutical services organisation has strengthened its position in the Asia-Pacific region with the acquisition of Taiwan-based APEX International Clinical Research Company.

This move is expected to boost the PAREXEL International Corporation's global capabilities.

PAREXEL (Taiwan), which is a wholly owned subsidiary of PAREXEL, initiated a tender offer in June to purchase all of the issued and outstanding shares of common stock of APEX.

On September 7, tender offer closed and PAREXEL acquired 20.3 million shares of common stock of APEX, representing 93.9% of APEX's total issued and outstanding shares.

Four years ago, PAREXEL purchased a minority interest in APEX after conducting a considerable amount of due diligence to ensure that the company's programmes and standards met PAREXEL's rigorous quality guidelines. During this time, APEX established a strong track record of success, carrying out numerous clinical studies with PAREXEL.

Josef von Rickenbach, chairman and chief executive officer of PAREXEL International, said:

"Several factors are driving client demand for clinical research services in the Asia-Pacific region including established and sophisticated healthcare systems in many countries, the availability of highly trained professionals, and attractive end markets for biopharmaceutical products."

von Rickenbach added: "Our long-term alliance with APEX and subsequent acquisition reinforces our commitment to providing high quality clinical development services in the Asia-Pacific region. By fully integrating APEX into PAREXEL's global operations, we will enhance our ability to help clients more quickly achieve their goals of bringing important therapies to patients not only in the Asia-Pacific region, but also throughout the rest of the world."

Albert Liou, founder of APEX and newly-appointed corporate vice president and general manager of PAREXEL APEX International, said: "Our diverse client base will greatly benefit from the combination with PAREXEL, which will provide a broader global scope and the ability to offer a wider array of capabilities for clinical programs."

PAREXEL APEX International will host an opening ceremony on October 4, 2007 in Taiwan for clients and government officials to celebrate the combination of the two companies.