PAREXEL International Corporation (NASDAQ: PRXL), a leading global biopharmaceutical services provider, today announced that it has been selected as one of two strategic partners by Pfizer Inc. to provide clinical development services. PAREXEL will work with Pfizer to achieve greater speed and cost efficiencies in its clinical development programs while delivering a high level of quality and innovation. To provide these benefits to Pfizer, PAREXEL will leverage its proven clinical processes and expertise combined with its market-leading eClinical technology platform.
Through the partnership with PAREXEL, Pfizer will receive the benefits of the industry’s most dynamic and innovative approaches to strategic partnerships between a service provider and a sponsor. Under a five-year agreement, Pfizer will leverage PAREXEL’s strengths and scale to execute clinical development programs on a global basis with greater efficiency and rigor. The partnership model will be implemented over an 18-24 month period beginning in June 2011.
“This new strategic partnership model is part of a comprehensive program to sharpen our research focus at Pfizer, and creates a more flexible cost base through outsourcing of certain research and development services. We are creating partnerships for activities that can be performed most effectively and efficiently outside of the company, and have selected PAREXEL because it is a leader in providing combined technology and clinical capabilities,” said John Hubbard, Senior Vice President, Worldwide Development, Pfizer. “We chose PAREXEL due to the Company’s in-depth expertise, as well as its steadfast commitment to quality and regulatory compliance, deep belief in collaboration, and strong drive to deliver success.”
“We look forward to providing innovative solutions and expertise to help Pfizer accelerate clinical trials and accomplish its development goals. PAREXEL is proud to be selected as a strategic partner and will work collaboratively with Pfizer to create significant value,” said Josef von Rickenbach, Chairman and Chief Executive Officer, PAREXEL International. “We are focused on applying best-practice operational models, supported by a combination of our eClinical solutions and clinical processes, to help Pfizer reduce the time and cost of development. Leveraging our global resources and worldwide technology infrastructure, we can enable more effective information flow and improve data access, which results in greater visibility into trials—and ultimately in better decision making.”
PAREXEL develops several new patient-centric solutions to address drug development