BOSTON—PAREXEL International Corporation has announced the signing of a definitive agreement to acquire all business assets of Quantum Solutions India (QSI), a privately owned provider of specialized pharmacovigilance services that is based in Chandigarh, India. Financial details were not disclosed, but PAREXEL noted that it intends to fund the transaction with existing cash, and the impact of the deal on the company's fiscal year 2015 revenue and earnings per share is not expected to be material. Following the close of the deal, which is expected in early April of this year, the QSI business will be integrated into PAREXEL's Peri/Post-Approval Services group, which is part of the Clinical Research Services segment.
“The acquisition of QSI will strengthen our capabilities in the growing field of outsourced safety management solutions, or pharmacovigilance. It will help us to create greater scale in this service area, and thereby enable us to provide a more comprehensive, efficient and economical solution to clients around the world,” Josef von Rickenbach, chairman and CEO of PAREXEL, said in a press release. “Combined with the existing post-approval and regulatory strengths of PAREXEL, this acquisition will support the expansion of our pharmacovigilance services onto a broader platform. We are excited to be able to offer our clients QSI’s leading services through our Clinical Research Services business.”
QSI's pharmacovigilance services include individual case safety report processing, brand physician activities, affiliate support, aggregate report writing, literature reviews and signal detection. QSI was established in 2004, and since then, the company notes on its website, its staff has “processed and are expert with literally hundreds of highly sophisticated clinical studies and products from a drug safety perspective” in a variety of therapeutic areas, including oncology, cardiovascular, immunology/autoimmune diseases, metabolic disorders, medical devices and psychiatric and central nervous system disorders, among others.
This is PAREXEL's first acquisition so far in 2015, and is the latest move in the company's recent efforts toward growth. In November 2014, PAREXEL announced the opening of a new European Coordination Hub and Distribution Center in Berlin-Schönefeld, Germany. The new facility increased PAREXEL's capacity to offer comprehensive clinical trial supply and logistics services, such as synchronized coordination of clinical trial supplies, ancillary supplies and central laboratory services. One month previous, in October, the company announced the acquisition of all outstanding equity securities of ClinIntel, a U.K. provider of clinical randomization and trial supply management services. Though no financial details were released, PAREXEL funded the acquisition with existing cash, with ClinIntel to be integrated into the PAREXEL Informatics segment following the deal's completion.