BOSTON, Sept. 26 PAREXEL InternationalCorporation (Nasdaq: PRXL), a leading global biopharmaceutical servicesorganization, today announced the successful completion of the acquisition ofTaiwan-based APEX International Clinical Research Co., Ltd. ("APEX"). Theacquisition strengthens PAREXEL's global capabilities, providing clients witha wide range of clinical research service offerings throughout the Asia-Pacific region, including mainland China, Hong Kong, India, Taiwan, Singapore,Indonesia, South Korea, Malaysia, Thailand, the Philippines, New Zealand, andAustralia.
PAREXEL (Taiwan), Inc., a wholly owned subsidiary of PAREXEL, initiated aTender Offer on June 29, 2007 to purchase all of the issued and outstandingshares of common stock of APEX. On September 7, 2007, the Tender Offer closedand PAREXEL acquired 20.3 million shares of common stock of APEX, representing93.9% of APEX's total issued and outstanding shares. Pursuant to the terms ofthe Tender Offer, the Company paid New Taiwan Dollars (NT) of $82.94 or U.S.Dollars (USD) of approximately $2.51 for each APEX share of common stocktendered, for a total purchase price of approximately NT $1.7 billion, whichequates to USD of approximately $50.9 million. The name of the new entity isPAREXEL APEX International.
Four years ago PAREXEL purchased a minority interest in APEX afterconducting a considerable amount of due diligence to ensure that the company'sprograms and standards met PAREXEL's rigorous quality guidelines. During thistime, APEX established a strong track record of success, carrying out numerousclinical studies with PAREXEL.
"The Asia-Pacific region is becoming increasingly important and attractivefor a wide range of clinical development activities," stated Josef vonRickenbach, Chairman and Chief Executive Officer of PAREXEL International."Several factors are driving client demand for clinical research services inthe Asia-Pacific region including established and sophisticated healthcaresystems in many countries, the availability of highly trained professionals,and attractive end markets for biopharmaceutical products. We believe thatthe acquisition of APEX is of great strategic value, and combined withPAREXEL's existing presence in Japan, India, and Australia, will make PAREXELa formidable competitor and one of the leading providers of biopharmaceuticalservices in the Asia-Pacific region."
Mr. von Rickenbach continued, "Our long-term alliance with APEX andsubsequent acquisition reinforces our commitment to providing high qualityclinical development services in the Asia-Pacific region. By fullyintegrating APEX into PAREXEL's global operations, we will enhance our abilityto help clients more quickly achieve their goals of bringing importanttherapies to patients not only in the Asia-Pacific region, but also throughoutthe rest of the world."
"Our diverse client base will greatly benefit from the combination withPAREXEL, which will provide a broader global scope and the ability to offer awider array of capabilities for clinical programs," said Albert Liou, founderof APEX and newly-appointed Corporate Vice President and General Manager ofPAREXEL APEX International. "The APEX team is eager to combine PAREXEL's deepexperience in clinical development with APEX's extensive knowledge of medicaland clinical development practices and approaches that are specific to theAsia-Pacific region."
Through the acquisition of APEX, PAREXEL augments its service offeringwith additional capabilities in key areas, including:
PAREXEL APEX International will host an Opening Ceremony on October 4,2007 in Taiwan for clients and government officials to celebrate thecombination of PAREXEL and APEX. Guest speakers will include Josef vonRickenbach, Albert Liou, and local dignitaries.
PAREXEL International Corporation is a leading global bio/pha