Parexel is an American contract research organization. It conducts clinical trials on behalf of its pharmaceutical and biotechnology clients to expedite drug development and clinical trial progress. It is one of the largest clinical research organizations in the world.[2]

Parexel was founded in 1982 by Josef von Rickenbach and organic chemist Anne B. Sayigh [3][4] initially to advise Japanese and German firms on how to navigate the US Food and Drug Administration (FDA) drug approval process.[5] 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.[5][6] In 1990, the firm expanded internationally and established new practice areas. By 1999, it had a staff of 4,500 and 45 offices.[5]

The company was acquired in 2017 by private equity firm Pamplona Capital Management.[7][8] 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.[9] EQT and Goldman Sachs completed the acquisition on November 15, 2021.[10]

Operations

With a global workforce of about 21,000 in 2025, Parexel provides clinical research support to its clients over the range of Phase I to IV clinical trials in various therapeutic categories, including neuroscience, general medicine, oncology, and infectious diseases, among others.[2] Examples of services provided include management of clinical trial subjects and trial investigators, regulatory approval, outsourcing, market access strategies, medical communications, and drug safety assessment.[2][11]

In 2024, Parexel established a collaboration with Palantir Technologies, a software company using artificial intelligence for data management solutions in clinical trials.[12]

History

Parexel was founded in 1982 by chemist Anne B. Sayigh and businessperson Josef von Rickenbach in Cambridge, Massachusetts.[6][13] Its name derived from the 16th century Swiss scientist, "Paracelsus," who is credited with starting the field of chemistry.[14][15]

Initially, Parexel was focused on helping pharmaceutical businesses in Japan and Germany to obtain approval for their candidate drugs by the US FDA.[13] Parexel also published a newsletter on FDA regulatory news called the U.S. Regulatory Reporter, which was the foundation of its medical marketing division.[16][17]

In 1984, new legislation made it easier to produce generic drugs, leading to a rapid expansion of the market for contract research.[15] Parexel started providing its own contract clinical research services in 1986, growing to $14.75 million in annual revenues in 1990.[15] In the 1990s, Parexel opened new offices in California, North Carolina, Japan, Italy, and Australia.[16] By 2018, Parexel had some 18,900 employees with operations in 100 countries.[6]

Initial public offering and acquisitions

Parexel went public on NASDAQ in 1995.[13] It used the funding to make a series of acquisitions,[16] including six consulting companies, two medical marketing businesses,[14] and three European businesses in 1998.[18] By 2018, Parexel had completed more than 40 mergers and acquisitions.[6]

As an acquisition

In September 2017, private equity firm Pamplona Capital Management bought Parexel for $5 billion, taking it off the public market.[6] By this time, Parexel had more than $2 billion in annual revenues.[6] In 2021, Parexel was acquired again for $8.5 billion by two private equity firms, EQT Private Equity and Goldman Sachs Asset Management.[11]

References

  1. ^ "PAREXEL International Reports Fourth Quarter and Fiscal Year 2017 Results" (Press release). 28 August 2017.
  2. ^ a b c d "Company profile - About Us and Therapeutic Expertise". Parexel. 2025. Retrieved 11 March 2025.
  3. ^ "List of Public Companies Worldwide, Letter – Businessweek – Businessweek". Businessweek.com. 30 June 2023.
  4. ^ "Entrepreneur Briefs".
  5. ^ a b c "Josef von Rickenbach – Parexel". Bilanz.ch.
  6. ^ a b c d e f Liu, Angus (March 5, 2018). "Parexel co-founder Josef von Rickenbach to end 35-year run as CEO". Fierce Biotech. Retrieved November 10, 2024.
  7. ^ "BRIEF-Pamplona Capital Management completes acquisition of Parexel". Reuters. 29 September 2017.
  8. ^ "Pamplona Capital Management acquires Parexel International | Private Equity Wire". Private Equity Wire. 2017-10-02. Retrieved 2021-01-29.
  9. ^ "Parexel to be Acquired by EQT Private Equity and Goldman Sachs Asset Management | Parexel International Corporation". newsroom.parexel.com. Retrieved 2022-01-04.
  10. ^ "EQT Private Equity and Goldman Sachs Asset Management Complete Acquisition of Parexel | Parexel International Corporation". newsroom.parexel.com. Retrieved 2022-01-04.
  11. ^ a b Vinluan, Frank (July 2, 2021). "CRO Parexel changes private equity hands again, this time for $8.5B". MedCity News. Retrieved November 12, 2024.
  12. ^ Floersh, Helen (April 25, 2024). "Parexel strikes multi-year deal with Palantir for clinical trial AI". FierceBiotech. Retrieved March 12, 2025.
  13. ^ a b c "Parexel Investors: Swimming With the Whales". Yahoo Finance. March 3, 2017. Retrieved November 10, 2024.
  14. ^ a b "Parexel". Hoover's Handbook of Emerging Companies. Hoovers Business Press. 1999. pp. 240–245. ISBN 1-57311-046-9.
  15. ^ a b c Mast, J.A. (1993). Ward's Private Company Profiles. Ward's Private Company Profile. Gale Research. pp. 558–560. ISBN 978-0-8103-9140-6. Retrieved November 23, 2024.
  16. ^ a b c "Parexel". International Directory of Company Histories. Vol. 84. St. James Press. 2007.
  17. ^ "Entrepreneur Briefs". The Scientist. September 4, 1988.
  18. ^ Bulkeley, William M. (1998-03-03). "Parexel Pays $148 Million For Three European Firms". The Wall Street Journal. p. B12. ISSN 0099-9660. Retrieved 2016-12-25.
Allikas: https://en.wikipedia.org/wiki/PAREXEL
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