- Acquisition Strengthens PAREXEL's Leadership Position in the Asia-Pacific
BOSTON, Sept. 26 /PRNewswire-FirstCall/ -- PAREXEL International Corporation (Nasdaq: PRXL), a leading global biopharmaceutical services organization, today announced the successful completion of the acquisition of Taiwan-based APEX International Clinical Research Co., Ltd. ("APEX"). The acquisition strengthens PAREXEL's global capabilities, providing clients with a wide range of clinical research service offerings throughout the Asia- Pacific region, including mainland China, Hong Kong, India, Taiwan, Singapore, Indonesia, South Korea, Malaysia, Thailand, the Philippines, New Zealand, and Australia.
PAREXEL (Taiwan), Inc., a wholly owned subsidiary of PAREXEL, initiated a Tender Offer on June 29, 2007 to purchase all of the issued and outstanding shares of common stock of APEX. On September 7, 2007, the Tender Offer closed and PAREXEL acquired 20.3 million shares of common stock of APEX, representing 93.9% of APEX's total issued and outstanding shares. Pursuant to the terms of the Tender Offer, the Company paid New Taiwan Dollars (NT) of $82.94 or U.S. Dollars (USD) of approximately $2.51 for each APEX share of common stock tendered, for a total purchase price of approximately NT $1.7 billion, which equates to USD of approximately $50.9 million. The name of the new entity is PAREXEL APEX International.
Four years ago PAREXEL purchased a minority interest in APEX after
conducting a considerable amount of due diligence to ensure that the
company's programs and standards met PAREXEL's rigorous quality guidelines.
During this time, APEX established a strong track record of success,
|SOURCE PAREXEL International Corporation|
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