This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PAREXEL International Announces Acquisition Of HERON Group LTD, A Leading Commercialization Consultancy

BOSTON, April 30, 2013 /PRNewswire/ -- PAREXEL International Corporation (Nasdaq: PRXL), a global clinical research organization, announced that today the Company acquired all of the outstanding equity securities of the HERON Group LTD ("HERON"), a life sciences consultancy which provides evidence-based commercialization services to support biopharmaceutical companies throughout the lifecycle of their products.  HERON has expertise and methodologies spanning a wide range of services, including strategic market access planning, systematic reviews, economic modeling and evaluation, pricing, reimbursement strategies, global value dossier writing, and engagement with Health Technology Assessment authorities.  HERON was founded in 1999 and works with more than 50 biopharmaceutical and life sciences companies globally.  With headquarters in Luton, United Kingdom, and additional offices in India, Sweden, and the United States, HERON employs approximately 140 individuals.  Prior to the sale, HERON was privately owned.  The purchase price was approximately $24 million (which was adjusted at closing to reflect HERON's cash, indebtedness, and working capital balances at closing), plus the possibility of an additional $14.2 million over twenty-six months if specific financial targets for HERON are achieved.  The acquisition was funded through use of existing cash.  

Josef von Rickenbach, Chairman and CEO of PAREXEL stated, "Given the highly competitive and constantly changing global healthcare landscape, demonstrating product value and cost effectiveness to public and private payers requires rigorous data analysis.  The acquisition of HERON further strengthens our ability to offer our clients a full spectrum of services that aid in developing products with reimbursement and market access in mind.  Over the past thirteen years, HERON has built one of the largest independent evidence-based consultancies, and has achieved a market leadership position. We are pleased to be able to expand the expertise of our commercialization offering and believe that HERON will help to enhance the portfolio of services that we provide through our PAREXEL Consulting and Medical Communications Services business."

John Kerrigan, one of the founders of HERON and the new Corporate Vice President and Worldwide Head of HERON at PAREXEL stated, "HERON is excited to be joining PAREXEL to provide enhanced commercialization services.  Combining with PAREXEL will provide us the ability to introduce HERON services earlier in the product development process, and to leverage PAREXEL's broad global presence.  As the healthcare environment evolves, we look forward to continued innovation in the use of evidence to support commercial decisions."

PAREXEL has provided updated financial guidance for the Company, including the impact of the acquisition of HERON, in its Third Quarter earnings press release dated April 30, 2013.

About the Company     

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 78 locations throughout 52 countries around the world, and has approximately 14,400 employees, including the HERON Group. For more information about PAREXEL International visit www.PAREXEL.com.

PAREXEL, Perceptive Informatics, Liquent, and HERON are registered trademarks of PAREXEL International Corporation or its affiliates.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs