Controlling the flow of information

PAREXEL acquires regulatory information management provider Liquent

Lloyd Dunlap
BOSTON—PAREXEL Intl. Corp. has acquired all of theoutstanding equity securities of Liquent Inc., a global provider of regulatoryinformation management (RIM) solutions. The purchase price was approximately$72 million (which was adjusted at closing to reflect Liquent's cash,indebtedness and working capital balances), and was funded through theexpansion of one of the company's existing credit facilities.

Liquent provides an integrated platform of software solutions for regulatorysubmissions and product registration management, as well as a range ofcomplementary business process outsourcing capabilities.

Prior to the sale, Liquent was owned by Marlin Equity Partners. Liquent wasfounded in 1994, and its clients include more than 200 biopharmaceutical andlife-science companies. With headquarters in Horsham, Pa., and additionaloffices in the United Kingdom, Germany and India, the company employs nearly300 individuals.
 
"Liquent is a very strong player in the important andgrowing market of regulatory information management technology and servicessolutions," says Josef von Rickenbach, chairman and CEO of PAREXEL. "Theaddition of Liquent strengthens PAREXEL's Perceptive Informatics and itsregulatory solution offerings and enables PAREXEL to provide a strongerend-to-end range of software and outsourcing solutions across development,regulatory and commercialization. In the end, this benefits clients because itallows PAREXEL to provide a more complete suite of offerings."
 
 
Through Liquent's flagship software platform, InSight,PAREXEL's clients will have access to comprehensive regulatory agencysubmission planning, viewing, tracking, publishing and registration managementthroughout the entire lifecycle of a medicinal entity, says von Rickenbach.
 
 
"We expect the acquisition will also benefit the PAREXELConsulting and Medical Communications Services business, where we will be ableto leverage Liquent's significant expertise in regulatory informationmanagement outsourcing through its Liquent Direct solutions," he adds.
 
 
Clients are looking for fewer strategic partners that canprovide a broader range of service and technology solutions, von Rickenbachnotes.
 
 
"PAREXEL has a full range of clinical outsourcing servicesand a full range of clinical software capabilities, and Liquent has done thesame thing from a regulatory perspective. Liquent will now be part of a fullrange of capabilities for clients and will be afforded the opportunity to getinvolved earlier in the development process," he says. 
 
For a year or so, Liquent will largely continue to operateas a distinct service line within PAREXEL'S Perceptive Informatics group. Integrationteams will be established to evaluate the appropriate points of futureintegration to maximize the combined services and technologies to serve currentand prospective customers. The Liquent management team will continue to run theiroperation and PAREXEL "welcomes their expertise and the value their employeesbring to PAREXEL's clients and employees," the company states.
 
Rick Riegel, the CEO of Liquent, will report to Xavier Flinois,the new president of PAREXEL's Perceptive Informatics unit. PerceptiveInformatics is the technology subsidiary of PAREXEL and provides eClinicalsolutions that help customers maximize the benefits of an integrated clinicaltrial technology suite by providing flexible software-as-a-service, or SaaS,applications. The subsidiary offers a portfolio of products and services thatincludes medical imaging services, interactive voice response systems, clinicaltrials management systems, web-based portals, systems integration and patientdiary applications.
 
In conjunction with the completion of the acquisition ofLiquent, PAREXEL also updated its forward-looking financial guidance for thefull fiscal year. The company anticipates reporting consolidated servicerevenue in the range of $415 million to $420 million for the second quarter offiscal year, and in the range of $1.675 billion to $1.695 billion for fiscalyear 2013 in its entirety. Of the increase, the Liquent acquisition is expectedto contribute a small amount of service revenue in the second quarter andbetween $17 million and $23 million in service revenue during the second halfof fiscal year 2013. Previously issued consolidated service revenue guidancewas $400 million to $410 million for the second quarter and $1.63 billion to$1.66 billion for the fiscal year.

Lloyd Dunlap

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