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PAREXEL International Announces Acquisition of HERON Group LTD, A Leading Commercialization Consultancy
Date:4/30/2013

BOSTON, April 30, 2013 /PRNewswire/ -- 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.  

Josef von Rickenbach , Chairman and CEO of PAREXEL stated, "Given the highly competitive and constantly changing global healthcare landscape, demonstrating product value and cost effectiveness to public and private payers requires rigorous data analysis.  The acquisition of HERON
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SOURCE PAREXEL International Corporation
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