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Slide #63. PAREXEL International Corporation — HERON Group LTD
PAREXEL International Corporation (PRXL)
HERON Group LTD
PAREXEL International Corporation (Nasdaq: PRXL), a global clinical research organization, announced that today the Company acquired all of the outstanding equity securities of the HERON Group LTD ("HERON"), a life sciences consultancy which provides evidence-based commercialization services to support biopharmaceutical companies throughout the lifecycle of their products. HERON has expertise and methodologies spanning a wide range of services, including strategic market access planning, systematic reviews, economic modeling and evaluation, pricing, reimbursement strategies, global value dossier writing, and engagement with Health Technology Assessment authorities. HERON was founded in 1999 and works with more than 50 biopharmaceutical and life sciences companies globally. With headquarters in Luton, United Kingdom, and additional offices in India, Sweden, and the United States, HERON employs approximately 140 individuals. Prior to the sale, HERON was privately owned. The purchase price was approximately $24 million (which was adjusted at closing to reflect HERON's cash, indebtedness, and working capital balances at closing), plus the possibility of an additional $14.2 million over twenty-six months if specific financial targets for HERON are achieved. The acquisition was funded through use of existing cash.
PAREXEL International is a biopharmaceutical outsourcing services company providing clinical research, clinical logistics, medical communications, consulting, commercialization and technology products and services to the pharmaceutical, biotechnology, and medical device industries. Co.'s product and service offerings include: clinical trials management, observational studies and patient/disease registries, data management, biostatistical analysis, epidemiology, health economics/outcomes research, pharmacovigilance, medical communications, clinical pharmacology, patient recruitment, clinical supply and drug logistics, post-marketing surveillance, and medical imaging services.
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