Parexel International (Boston, Massachusetts)
The new company, Parexel Apex International, was launched at an official opening ceremony on October 4th. Apex founder Albert Liou has been appointed corporate vice president and general manager.
The transaction follows Parexel’s purchase of a minority interest in Apex in April 2003, since when the two CROs have worked together on several clinical trials.
Established in 1999, Apex has some 380 staff at 11 locations in Asia, including its head office in Taipei, Taiwan; three offices in China (Shanghai, Beijing and Hong Kong); Seoul, South Korea; Singapore; Petaling Jaya, Malaysia; Jakarta, Indonesia; Bangalore, India; Bangkok, Thailand; Manila, Philippines;
The acquisition is expected to contribute approximately $1 million in service revenues to Parexel in the first quarter of 2008 (ending September 30th 2007 - representing three weeks of ownership) and $14-17 million for the full year. The company has therefore increased its consolidated service revenue forecast to $203-210 million (from $200-210 million) for the first quarter and $875-910 million (from $855-885 million) for the year.
“We believe that the acquisition of Apex is of great strategic value, and combined with Parexel’s existing presence in Japan, India, and Australia, will make Parexel … one of the leading providers of biopharmaceutical services in the Asia-Pacific region,” stated chairman and CEO Josef von Rickenbach.
