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Parexel has agreed to be acquired for approximately $5 billion by Pamplona Capital Management, which plans to take the contract research organization private, the prospective buyer and acquisition target said today. The deal ends a turbulent two years in which Parexel has sought to contain costs following disappointing results. On May 4, Parexel revealed plans in a regulatory filing to eliminate about 6% of its workforce, “approximately 1,100 -1,200 jobs,” as part of an expansion of a restructuring disclosed in January that would have cut 390 jobs. Parexel employs 19,600 people worldwide. Parexel said it would incur pre-tax charges of between $49 million to $63 million toward the expanded restructuring between the company’s current fiscal year, which ends June 30, and Parexel’s FY 2018, which begins on July 1. A day earlier, Parexel reported results for the first nine months of its fiscal year showing ...
Original Article: Pamplona Capital to Acquire Parexel for $5BNEXT ARTICLE
Clinical Research Organization
Contract Research Organization (CRO) provide research services outsourced on a contract basis to the pharmaceutical, biotechnology, healthcare and medical device industries: biopharmaceutical development biologic assay development commercial...
Mergers & Acquisitions
Commercial and market reports on mergers and acquisitions in the biotechnology, pharmaceutical, medical device and life-science industries. Mergers and acquisitions (abbreviated M&A;) is an aspect of corporate strategy, corporate finance and manageme...