OR WAIT 15 SECS
PAREXEL International Corporation (Nasdaq: PRXL) today announced that on August 22, 2005 it acquired all of the shares held by minority stockholders of Perceptive Informatics, Inc., its information technology subsidiary, and now owns all of the outstanding common stock of Perceptive.
Boston, MA – August 23, 2005 – PAREXEL International Corporation (Nasdaq: PRXL) today announced that on August 22, 2005 it acquired all of the shares held by minority stockholders of Perceptive Informatics, Inc., its information technology subsidiary, and now owns all of the outstanding common stock of Perceptive. Prior to the transaction PAREXEL owned 97.8% of the outstanding common stock of Perceptive Informatics. Under the terms of the transaction, Perceptive was valued at approximately $66.3 million, and PAREXEL agreed to pay approximately $4.8 million in cash to the minority stockholders for their shares of Perceptive, as well as for stock options currently outstanding under Perceptive's stock incentive plan, and for other payments. A number of directors of PAREXEL and each of the executive officers of PAREXEL own common stock or hold stock options in Perceptive. In light of these potential conflicts, the terms of the transaction were established and approved by a special independent committee of the Board of Directors of PAREXEL. CIBC World Markets Corp. acted as financial advisor to the special committee.
Mr. Josef H. von Rickenbach, PAREXEL's Chairman and Chief Executive Officer stated, "In the early stages of Perceptive's development, we established an ownership structure designed to create a very focused start-up culture for its growth and development. We now believe that as the business enters its next cycle of growth, it is beneficial to both Perceptive and PAREXEL to eliminate some of the impediments to collaboration that existed in the prior structure, and to unlock the maximum possible synergies. Perceptive will continue to operate under its own name. We expect that this change will allow us to better capitalize on the significant potential of Perceptive and our other business segments and to further optimize the performance of our Company."
PAREXEL is one of the largest biopharmaceutical outsourcing organizations in the world, providing a broad range of knowledge-based contract research, medical marketing and consulting services to the worldwide pharmaceutical, biotechnology and medical device industries. With a commitment to providing solutions that expedite time-to-market and peak market penetration, PAREXEL has developed significant expertise in clinical trials management, data management, biostatistical analysis, medical marketing, clinical pharmacology, regulatory and medical consulting, industry training and publishing and other drug development consulting services. Its information technology subsidiary, Perceptive Informatics, Inc., develops and offers a portfolio of innovative technology-based products and services that facilitate clinical drug development and are designed to decrease time to peak sales. The technology portfolio includes web-based portal solutions and tracking tools, Interactive Voice Response Systems (IVRS), Clinical Trial Management Systems (CTMS), electronic diary and investigator database solutions. Perceptive also offers advanced medical diagnostics services to assess rapidly and objectively the safety and efficacy of new drugs, biologics, and medical devices in clinical trials. PAREXEL's integrated services, therapeutic area depth and sophisticated information technology, along with its experience in global drug development and product launch services, represent key competitive strengths. Headquartered near Boston, MA, PAREXEL operates in 51 locations throughout 37 countries around the world, and has 5,140 employees.