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Pamplona Capital to Acquire Parexel for $5B

05:32 EDT 20 Jun 2017 | Genetic Engineering News

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 ...

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