Bristol-Myers Squibb Establishes Strategic Partnership With PAREXEL to Enable Greater Effectiveness in Clinical Development

Jun 14, 2010, 09:13 ET from PAREXEL International Corporation

BOSTON, June 14 /PRNewswire-FirstCall/ -- PAREXEL International Corporation (Nasdaq: PRXL), a leading global biopharmaceutical services provider, today announced that Bristol-Myers Squibb, a global biopharmaceutical company, has established a strategic partnership with PAREXEL to enable greater effectiveness in clinical development. PAREXEL will work collaboratively with Bristol-Myers Squibb to provide strategic, operational and capability support of its clinical development program. As an innovator in defining partnerships in the biopharmaceutical industry for over a decade, PAREXEL's approach to strategic partnering focuses on assisting biopharmaceutical companies in reducing fixed costs, shortening development times, and speeding delivery of safe and effective treatments to market.

PAREXEL will help provide global execution of Bristol-Myers Squibb's clinical studies to support its full development pipeline over the next three years. The agreement with PAREXEL will complement Bristol-Myers Squibb's internal capabilities, helping to meet the increasing needs of its pipeline with high-quality clinical development services.

"This partnership will increase the operational capability of our clinical development organization, and support our industry-leading position in productivity and innovation," said Brian Daniels, Senior Vice President, Global Development, Bristol-Myers Squibb. "Working with PAREXEL, a leader in clinical research, Bristol-Myers Squibb will enhance support for our pipeline and improve our ability to deliver innovative medicines to patients with serious diseases."

"We look forward to a deeply collaborative relationship with Bristol-Myers Squibb to help provide innovative solutions for its growing pipeline, as well as to leverage our global capabilities and worldwide technology infrastructure to support the effectiveness of its clinical development programs," said Josef von Rickenbach, Chairman and Chief Executive Officer, PAREXEL International. "PAREXEL is proud to be a part of this strategic partnership, which we believe is a best practices outsourcing model focusing on increased efficiency and the creation of significant value."

PAREXEL has transformed its business to deliver a new level of strategic partnering, based on program design expertise, operational excellence, and project leadership to help clients achieve their development goals. PAREXEL provides a unique combination of clinical development expertise, integrated technologies, and global access to provide results for ever more complex development programs.

About PAREXEL International

PAREXEL International Corporation is a leading global biopharmaceutical 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 71 locations throughout 54 countries around the world, and has approximately 9,500 employees. For more information about PAREXEL International visit www.PAREXEL.com.

This release contains "forward-looking" statements regarding future results and events, including, without limitation, statements regarding 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," "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 may differ significantly from the results discussed in the forward-looking statements contained in this release.  Important factors that might cause such a difference include, but are not limited to, risks associated with: actual operating performance; actual expense savings and other operating improvements resulting from recent and anticipated restructurings, including the anticipated restructuring charge of approximately $24 million over the second, third, and fourth quarters of Fiscal Year 2010; the loss, modification, or delay of contracts which would, among other things, adversely impact the Company's recognition of revenue included in backlog; the Company's dependence on certain industries and clients; the Company's ability to win new business, manage growth and costs, and attract and retain employees; the Company's ability to complete additional acquisitions and to integrate newly acquired businesses or enter into new lines of business; the impact on the Company's business of government regulation of the drug, medical device and biotechnology industry; consolidation within the pharmaceutical industry and competition within the biopharmaceutical services industry; the potential for significant liability to clients and third parties; the potential adverse impact of health care reform; and the effects of exchange rate fluctuations and other international economic, political, and other risks.  Such factors and others are 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, 2010 as filed with the SEC on May 7, 2010 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.

PAREXEL is a registered trademark of PAREXEL International Corporation, and Perceptive Informatics is a trademark of Perceptive Informatics, Inc. All other names or marks may be registered trademarks or trademarks of PAREXEL International Corporation, Perceptive Informatics, Inc. or their respective owners and are hereby acknowledged.

Contacts:

Jennifer Baird, Senior Director of Public Relations

Gene Carozza/Kim Baker

PAREXEL International

PAN Communications

Tel: +781-434-4409

Tel: +978-474-1900

Email: Jennifer.Baird@PAREXEL.com

Email: PAREXEL@pancomm.com

SOURCE PAREXEL International Corporation



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