BOSTON, March 27 /PRNewswire-FirstCall/ -- PAREXEL International Corporation ("PAREXEL") (Nasdaq: PRXL) today announced that it has expanded its minority interest ownership in the clinical pharmacology business of Synchron Research in Ahmedabad, India. The Company also announced the sale of a bioanalytical laboratory in Poitiers, France to a subsidiary of Synchron, SYNEXEL Research International.
Under the terms of the new agreement, PAREXEL's ownership interest in the Ahmedabad Phase I business has increased from 19.5% to 31.0% on a fully diluted basis, at a cost of approximately $5.0 million dollars. In a separate transaction, PAREXEL sold the Poitiers business to Synchron's SYNEXEL Research International for approximately $6.7 million dollars. Staff of the bioanalytical lab in Poitiers, France will join Synchron's bioanalytical business unit.
"Over the past several years, PAREXEL has developed a strong global clinical pharmacology capability, through both organic growth and acquisitions. As a result, we are an industry leader in expertise-based Phase I studies," said Josef H. von Rickenbach, Chairman and Chief Executive Officer, PAREXEL International. "PAREXEL's increased investment in Synchron's clinical pharmacology business demonstrates our commitment to helping clients select the most promising compounds earlier by providing complex, multi-site Phase I and Proof of Concept studies. We have a long-term commitment to conducting high quality clinical studies in India, and continue to strengthen our presence, both in India and globally, to help clients bring important new biopharmaceutical products to market."
In 2004, PAREXEL entered into an exclusive strategic collaboration with
Synchron, a privately-held contrac
|SOURCE PAREXEL International Corporation|
Copyright©2008 PR Newswire.
All rights reserved