Acquisition will allow firm to offer more comprehensive suite of clinical information technologies.
Parexel intends to acquire the entire issued and to be issued ordinary share capital of ClinPhone. The company is offering to pay 135 pence in cash for each ClinPhone share and values the entire issued ordinary share capital of ClinPhone at approximately P91 million, or approximately $177.48 million.
“The combination of complementary capabilities of Parexel and ClinPhone would provide clients with a more comprehensive suite of clinical information technologies,” says Josef von Rickenbach, chairman and CEO of Parexel. “As the market embraces a total eClinical solution we believe clients will realize even more significant process efficiencies, greater visibility across studies, improvements in data quality, and accelerated decision making.”
The acquisition is expected to close in the first quarter of Parexel’s fiscal year 2009, or by September 30, 2008. The firm expects the acquisition to be dilutive to earnings in its financial year ending June, 30, 2009.