PAREXEL, Bristol-Myers Squibb establish strategic partnership in clinical development

PAREXEL International Corporation (Nasdaq: PRXL), a leading global biopharmaceutical services provider, today announced that Bristol-Myers Squibb, a global biopharmaceutical company, has established a strategic partnership with PAREXEL to enable greater effectiveness in clinical development. PAREXEL will work collaboratively with Bristol-Myers Squibb to provide strategic, operational and capability support of its clinical development program. As an innovator in defining partnerships in the biopharmaceutical industry for over a decade, PAREXEL's approach to strategic partnering focuses on assisting biopharmaceutical companies in reducing fixed costs, shortening development times, and speeding delivery of safe and effective treatments to market.

PAREXEL will help provide global execution of Bristol-Myers Squibb's clinical studies to support its full development pipeline over the next three years. The agreement with PAREXEL will complement Bristol-Myers Squibb's internal capabilities, helping to meet the increasing needs of its pipeline with high-quality clinical development services.

"This partnership will increase the operational capability of our clinical development organization, and support our industry-leading position in productivity and innovation," said Brian Daniels, Senior Vice President, Global Development, Bristol-Myers Squibb. "Working with PAREXEL, a leader in clinical research, Bristol-Myers Squibb will enhance support for our pipeline and improve our ability to deliver innovative medicines to patients with serious diseases."

"We look forward to a deeply collaborative relationship with Bristol-Myers Squibb to help provide innovative solutions for its growing pipeline, as well as to leverage our global capabilities and worldwide technology infrastructure to support the effectiveness of its clinical development programs," said Josef von Rickenbach, Chairman and Chief Executive Officer, PAREXEL International. "PAREXEL is proud to be a part of this strategic partnership, which we believe is a best practices outsourcing model focusing on increased efficiency and the creation of significant value."

PAREXEL has transformed its business to deliver a new level of strategic partnering, based on program design expertise, operational excellence, and project leadership to help clients achieve their development goals. PAREXEL provides a unique combination of clinical development expertise, integrated technologies, and global access to provide results for ever more complex development programs.

SOURCE PAREXEL International Corporation