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BOSTON, July 19, 2012 -- PAREXEL International Corporation (NASDAQ: PRXL), a global biopharmaceutical services provider, announced it is the first contract research organization (CRO) chosen by the Korea Drug Development Fund (KDDF) to help Korean companies develop and commercialize healthcare products for the global market.
"Under the leadership of Dr. Dongho Lee, the KDDF is expected to be an important resource for emerging biopharmaceutical companies to advance their promising new technologies," said Ron Kraus, Corporate Vice President and Worldwide Head of PAREXEL Consulting and Medical Communications Services. "This partnership further demonstrates PAREXEL's continued commitment to the Asia-Pacific region and helps increase our opportunities for industry innovation. We are excited to provide our fusion of expertise to support KDDF and its mission of supporting global drug development."
"The Korea Drug Development Fund is pleased to work with PAREXEL to establish various collaborative channels providing essential resources to Korean academic and research institutions and biopharmaceutical companies," said Dr. Dong Ho Lee, CEO of KDDF. "Together with PAREXEL, KDDF will be able to provide professional consulting services to the Korean research communities to advance research activities and promote important innovation."
The KDDF is a consortium of three health-related Korean ministries: the Ministry of Knowledge Economy, the Ministry of Education, Science and Technology, and the Ministry of Health and Welfare. KDDF was established in September 2011 with assets of $1 billion to develop at least 10 new drugs by 2019 for the global market. Its alliance with PAREXEL enhances its development network and will provide access to a broad range of drug development support services for its selected investments. These services are tailored to meet the needs of Korean national companies and will span the entire drug development continuum.
The alliance with KDDF follows PAREXEL's 2012 collaborative research agreement with ASAN Medical Center (AMC), based in Seoul, Korea. PAREXEL is one of Asia's leading providers of biopharmaceutical services and has had a presence in theAsia/Pacific region for over 16 years. PAREXEL has more than 2,800 employees and 21 offices throughout important industry centers in the region, including locations in Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand. PAREXEL experts support biopharmaceutical companies in accessing diverse patient populations, navigating regulatory issues, identifying investigators, and ensuring data quality throughout the Asia/Pacific region.