Parexel
Parexel International is an American provider of biopharmaceutical services. It conducts clinical trials on behalf of its pharmaceutical clients to expedite the drug approval process. It is the second largest clinical research organization in the world and has helped develop approximately 95% of the 200 top-selling biopharmaceuticals on the market today. The company publishes the annual Parexel R&D Statistical Sourcebook and operates the Parexel-Academy.
| Company type | Private |
|---|---|
| Industry | Clinical research organizations Pharmaceutical |
| Founded | 1982 |
| Headquarters | Durham, North Carolina, U.S. Newton, Massachusetts, U.S. |
Number of locations | 84+ facilities in 51+ countries |
Key people | CEO: Jamie Macdonald |
| Services | clinical trial management, data management, medical writing, biostatistics, pharmacovigilance, regulatory consulting |
| Revenue | $2.3 billion (2017) |
Number of employees | 18,900 |
| Website | parexel |
Parexel was founded in 1982 by Josef von Rickenbach and organic chemist Anne B. Sayigh initially to advise Japanese and German firms on how to navigate the FDA approval process. The firm has grown organically over the years and through 40 acquisitions. Josef von Rickenbach is credited with establishing Parexel's culture and practices based on the principles he experienced as a researcher at Schering-Plough in Lucerne, Switzerland, before leaving the company upon retiring in 2018.
In 1990, the firm expanded internationally and established new practice areas. By 1999 it had a staff of 4,500 and 45 offices. In the 2000s, it grew to over 18,000 employees. Parexel's consulting and clinical trial work has helped establish many household drug brands and contributed to numerous successes in modern pharmacology.
The company was acquired by private equity firm Pamplona Capital Management for approximately $5.0 billion. The deal closed in September 2017. On July 2, 2021, Parexel announced a merger agreement under which it would be acquired by EQT IX fund and Goldman Sachs for $8.5 billion. EQT and Goldman Sachs completed the acquisition on November 15, 2021.