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Pfizer Inc. and PAREXEL International Corp. Sign Strategic Partnership Agreement to Advance Clinical Development
Date:5/26/2011

BOSTON, May 26, 2011 /PRNewswire/ -- PAREXEL International Corporation (NASDAQ: PRXL), a leading global biopharmaceutical services provider, today announced that it has been selected as one of two strategic partners by Pfizer Inc. to provide clinical development services. PAREXEL will work with Pfizer to achieve greater speed and cost efficiencies in its clinical development programs while delivering a high level of quality and innovation. To provide these benefits to Pfizer, PAREXEL will leverage its proven clinical processes and expertise combined with its market-leading eClinical technology platform.

Through the partnership with PAREXEL, Pfizer will receive the benefits of the industry’s most dynamic and innovative approaches to strategic partnerships between a service provider and a sponsor. Under a five-year agreement, Pfizer will leverage PAREXEL’s strengths and scale to execute clinical development programs on a global basis with greater efficiency and rigor. The partnership model will be implemented over an 18-24 month period beginning in June 2011.

“This new strategic partnership model is part of a comprehensive program to sharpen our research focus at Pfizer, and creates a more flexible cost base through outsourcing of certain research and development services. We are creating partnerships for activities that can be performed most effectively and efficiently outside of the company, and have selected PAREXEL because it is a leader in providing combined technology and clinical capabilities,” said John Hubbard, Senior Vice President, Worldwide Development, Pfizer. “We chose PAREXEL due to the Company’s in-depth expertise, as well as its steadfast commitment to quality and regulatory compliance, deep belief in collaboration, and strong drive to deliver success.”

“We look
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SOURCE PAREXEL International Corporation
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