PAREXEL International Announces Acquisition Of ATLAS Medical Services, A Provider Of Clinical Research Services In Turkey
BOSTON, July 1, 2014 /PRNewswire/ -- PAREXEL International Corporation (Nasdaq: PRXL)("PAREXEL" or the "Company"), a global clinical research organization, announced today that the Company has acquired all of the outstanding equity securities of ATLAS Medical Services ("ATLAS"), a provider of clinical research services in Turkey, the Middle East, and North Africa.
ATLAS provides services across all phases of clinical development and has therapeutic expertise in Oncology, Hematology, Endocrinology, Cardiovascular, Anesthesiology, Infectious Diseases and the Central Nervous System. The firm also provides clinical trial-related services from study planning and feasibility, through site selection, data management and medical writing. ATLAS also provides regulatory services and can support product registration.
ATLAS was founded in 2005, and works with more than 28 biopharmaceutical services companies including Top 10 major biopharmaceutical companies. The company has 35 employees and is headquartered in Istanbul, with additional offices in Ankara and Izmir. The business will be integrated into PAREXEL's Clinical Research Services business. Prior to the sale, ATLAS was privately owned. ATLAS's Calendar Year 2013 revenue was approximately $4 million. The acquisition was funded with existing cash, and the impact of the acquisition on PAREXEL's Fiscal Year 2015 revenue and earnings per share is not material.
Josef von Rickenbach, Chairman and CEO of PAREXEL stated, "The acquisition of ATLAS strengthens PAREXEL's presence in Turkey, the Middle East and North Africa. These markets are of increasing importance to our clients who are looking for market access and a broad spectrum of patient populations for clinical trials. In addition, ATLAS has been a trusted business partner to PAREXEL for many years, and their infrastructure and staff are already aligned with our processes and operations. By fully integrating ATLAS 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 Turkey, the Middle East, and North Africa, but also throughout the rest of the world."
About the Company
PAREXEL International Corporation is a leading global biopharmaceutical services organization, providing a broad range of knowledge-based contract research, consulting, medical communications, and technology solutions and 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. PAREXEL Informatics provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 75 locations in 50 countries around the world, and has 15,335 employees. For more information about PAREXEL International visit www.PAREXEL.com.
PAREXEL, PAREXEL Informatics, Perceptive, Perceptive MyTrials, and "Your Journey. Our Mission." are trademarks or registered trademarks of PAREXEL International Corporation or its affiliates.
This release contains "forward-looking" statements regarding future results and events, including, without limitation, the Company's expected financial results, future growth and customer demand. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," "appears," "estimates," "projects," "will," "would," "could," "should," "targets," and similar expressions are also intended to identify forward-looking statements. The forward-looking statements in this release involve a number of risks and uncertainties. The Company's actual future results and actual events may differ significantly from those suggested or indicated in the forward-looking statements contained in this release. Important factors that might cause such a difference include, but are not limited to, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flow from operations, general economic conditions and other factors discussed more fully in the section entitled "Risk Factors" of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 as filed with the SEC on May 2, 2014, which "Risk Factors" discussion is incorporated by reference in this press release. The Company specifically disclaims any obligation to update these forward-looking statements in the future. These forward-looking statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this press release.
CONTACTS: Ingo Bank, Senior Vice President and Chief Financial Officer
Jill Baker, Corporate Vice President of Investor Relations
Diana Martin, Vice President of Corporate Communications
SOURCE PAREXEL International Corporation