This Day On The Street
Continue to site right-arrow
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

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

Stocks in this article: PRXL

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs