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PAREXEL News Announcement
 PAREXEL
INTERNATIONAL COMPLETES ACQUISITION OF APEX
International Clinical Research Co., Ltd.
-- Acquisition Strengthens
PAREXEL’s Leadership Position in the Asia-Pacific
Region --
Boston, MA, September 26, 2007 – PAREXEL
International Corporation (NASDAQ: PRXL), a leading
global biopharmaceutical services organization,
today announced the successful completion of the
acquisition of Taiwan–based APEX International
Clinical Research Co., Ltd. ("APEX"). The
acquisition strengthens PAREXEL’s global
capabilities, providing clients with a wide range of
clinical research service offerings throughout the
Asia-Pacific region, including mainland China, Hong
Kong, India, Taiwan, Singapore, Indonesia, South
Korea, Malaysia, Thailand, the Philippines, New
Zealand, and Australia.
PAREXEL (Taiwan), Inc., a wholly owned subsidiary
of PAREXEL, initiated a Tender Offer on June 29,
2007 to purchase all of the issued and outstanding
shares of common stock of APEX. On September
7, 2007, the 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. Pursuant to the terms of
the Tender Offer, the Company paid New Taiwan
Dollars (NT) of $82.94 or U.S. Dollars (USD) of
approximately $2.51 for each APEX share of common
stock tendered, for a total purchase price of
approximately NT $1.7 billion, which equates to USD
of approximately $50.9 million. The name of
the new entity is PAREXEL APEX International.
Four years ago PAREXEL purchased a minority
interest in APEX after conducting a considerable
amount of due diligence to ensure that the company’s
programs 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.
“The Asia-Pacific region is becoming increasingly
important and attractive for a wide range of
clinical development activities,” stated Josef von
Rickenbach, Chairman and Chief Executive Officer of
PAREXEL International. “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. We believe that
the acquisition of APEX is of great strategic value,
and combined with PAREXEL’s existing presence in
Japan, India, and Australia, will make PAREXEL a
formidable competitor and one of the leading
providers of biopharmaceutical services in the
Asia-Pacific region.”
Mr. von Rickenbach continued, “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.”
“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,” said Albert Liou, founder of APEX and
newly-appointed Corporate Vice President and General
Manager of PAREXEL APEX International. “The APEX
team is eager to combine PAREXEL’s deep experience
in clinical development with APEX’s extensive
knowledge of medical and clinical development
practices and approaches that are specific to the
Asia-Pacific region.”
Through the acquisition of APEX, PAREXEL augments
its service offering with additional capabilities in
key areas, including:
- Good Clinical Practice (GCP)-compliant
services, especially in late phases of clinical
development, in 11 Asia-Pacific countries,
including China and several other emerging
geographies
- Clinical and regulatory experts with local
experience
- Medical expertise and access to patient
populations across a wide range of complex and
important therapeutic areas, including
cardiology, rheumatology, endocrinology,
oncology, infectious disease, and neurology
About PAREXEL
PAREXEL International Corporation is a leading
global bio/pharmaceutical services organization,
providing a broad range of knowledge-based contract
research, medical communications and consulting
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 65 locations throughout 51
countries around the world, and has approximately
7,000 employees. For more information about PAREXEL
International visit
www.PAREXEL.com.
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