Health

PAREXEL Announces Definitive Agreement to Acquire The Medical Affairs Company

BOSTON–(BUSINESS WIRE)–PAREXEL International Corporation (NASDAQ: PRXL), a leading global
biopharmaceutical services provider, today announced that the Company
has entered into a definitive agreement to acquire The Medical Affairs
Company, LLC (“TMAC”), a leading provider of outsourced medical affairs
services to the pharmaceutical, biotechnology, and medical device
industries. The acquisition is expected to close in February. Terms of
the transaction were not disclosed.

Founded in 2007, TMAC is a full-service contract medical organization.
TMAC offers strategic and tactical medical science liaison (MSLs) and
clinical nurse educator support services in addition to medical affairs
consulting, medical communications support, and direct placement
services. TMAC is based in Kennesaw, Georgia, and has approximately 200
U.S.-based employees.

Outsourcing medical affairs services presents a compelling option for
biopharmaceutical companies as a way to reduce fixed costs. The
increasingly complex nature of new products, and the need to demonstrate
the therapeutic and reimbursement value of a product, is creating demand
for credentialed healthcare professionals, such as MSLs, to lead
clinically robust dialogues with key medical stakeholders on a
peer-to-peer level.

“The commercialization-outsourcing market continues to grow as
biopharmaceutical clients increasingly require medical affairs solutions
to optimize awareness and understanding of their products in development
or already on the market,” said Josef von Rickenbach, Chairman and CEO,
PAREXEL. “As a company, we are focused on opportunities within
commercialization, market access, regulatory, pharmacovigilance, and
medical outsourcing. With TMAC, PAREXEL will gain new and distinct
medical affairs outsourcing capabilities that will strengthen and expand
our commercialization and market access offerings.”

“We are excited to become a part of PAREXEL and offer our clients a
comprehensive range of services delivered by a single company. Working
together, PAREXEL and TMAC will deliver greater value to clients and
meet evolving client needs, throughout the lifecycle of their products,”
added Evan Demestihas, MD, RPh, Chief Executive Officer, TMAC.

After the close of the acquisition, the TMAC management team will remain
in place and continue to manage its employees and the services it
currently provides to clients.

About PAREXEL InternationalPAREXEL International
Corporation is a leading global biopharmaceutical services company,
providing a broad range of expertise-based clinical research,
consulting, medical communications, and technology solutions and
services to the worldwide pharmaceutical, biotechnology and medical
device industries. Committed to providing solutions that expedite
time-to-market and peak-market penetration, PAREXEL has developed
significant expertise across the development and commercialization
continuum, from drug development and regulatory consulting to clinical
pharmacology, clinical trials management, and reimbursement. PAREXEL
Informatics provides advanced technology solutions, including medical
imaging, to facilitate the clinical development process. Headquartered
near Boston, Massachusetts, PAREXEL has offices in 85 locations in 51
countries around the world, and had approximately 19,625 employees in
the first quarter. For more information about PAREXEL International
visit www.PAREXEL.com.

PAREXEL and PAREXEL Informatics are trademarks or registered trademarks
of PAREXEL International Corporation or its affiliates. All other
trademarks are the property of their respective owners.

This release contains “forward-looking” statements regarding future
results and events, including, without limitation, statements regarding
expected financial results, future growth and customer demand. For this
purpose, any statements contained herein that are not statements of
historical fact may be deemed forward-looking statements. Without
limiting the foregoing, the words “believes,” “anticipates,” “plans,”
“expects,” “intends,” “appears,” “estimates,” “projects,” “will,”
“would,” “could,” “should,” “targets,” and similar expressions are also
intended to identify forward-looking statements. The forward-looking
statements in this release involve a number of risks and uncertainties.
The Company’s actual future results may differ materially from the
results discussed in the forward-looking statements contained in this
release. Important factors that might cause such a difference include,
but are not limited to, risks associated with: actual operating
performance; actual expense savings and other operating improvements
resulting from restructurings, the loss, modification, or delay of
contracts which would, among other things, adversely impact the
Company’s recognition of revenue included in backlog; the Company’s
dependence on certain industries and clients; the Company’s ability to
win new business, manage growth and costs, and attract and retain
employees; the Company’s ability to complete the acquisition of The
Medical Affairs Company, LLC and additional acquisitions, and to
integrate newly acquired businesses including the acquisitions of The
Medical Affairs Company, LLC, ExecuPharm, Inc. and Health Advances, LLC,
or enter into new lines of business; the impact on the Company’s
business of government regulation of the drug, medical device and
biotechnology industry; consolidation within the pharmaceutical industry
and competition within the biopharmaceutical services industry; the
potential for significant liability to clients and third parties; the
potential adverse impact of health care reform; and the effects of
foreign currency exchange rate fluctuations and other international
economic, political, and other risks. Such factors and others are
discussed more fully in the section entitled “Risk Factors” of the
Company’s Annual Report on Form 10-K and subsequent quarterly reports on
Form 10-Q, as filed with the Securities and Exchange Commission, which
“Risk Factors” discussion is incorporated by reference in this press
release. The Company specifically disclaims any obligation to update
these forward-looking statements in the future. These forward-looking
statements should not be relied upon as representing the Company’s
estimates or views as of any date subsequent to the date of this press
release.

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