Pfizer and PAREXEL Sign Strategic Partnership Agreement to Advance Clinical Development

PAREXEL International announced that it has been selected as one of two strategic partners by Pfizer Inc. to provide clinical development services. PAREXEL will work with Pfizer to achieve greater speed and cost efficiencies in its clinical development programs while delivering a high level of quality and innovation. To provide these benefits to Pfizer, PAREXEL will leverage its proven clinical processes and expertise combined with its market-leading eClinical technology platform.

Under a five-year agreement, Pfizer will leverage PAREXEL’s strengths and scale to execute clinical development programs on a global basis with greater efficiency and rigor. The partnership model will be implemented over an 18-24 month period beginning in June 2011.

“This new strategic partnership model is part of a comprehensive program to sharpen our research focus at Pfizer, and creates a more flexible cost base through outsourcing of certain research and development services. We are creating partnerships for activities that can be performed most effectively and efficiently outside of the company, and have selected PAREXEL because it is a leader in providing combined technology and clinical capabilities,” said John Hubbard, Senior Vice President, Worldwide Development, Pfizer.