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From Wikipedia, the free encyclopedia
(Redirected from PAREXEL)
Parexel
TypePrivate
Nasdaq: PRXL (former symbol)
IndustryContract research organizations
Pharmaceutical
Founded1982; 44 years ago (1982)
HeadquartersRaleigh, North Carolina, U.S.
Number of locations
84+ facilities in 49 countries
Key people
Peyton Howell (CEO)
Servicesclinical trial management, data management, medical writing, biostatistics, pharmacovigilance, regulatory consulting
RevenueIncrease$2.3 billion (2017)[1]
Number of employees
24,000+ (2025)
Websiteparexel.com
Footnotes
[2]

Parexel is an American contract research organization. It conducts clinical trials on behalf of its pharmaceutical and biotechnology clients to expedite drug development and clinical trial progress.[3]

Parexel was founded in 1982 by Josef von Rickenbach and organic chemist Anne B. Sayigh [4][5] initially to advise Japanese and German firms on how to navigate the US Food and Drug Administration (FDA) drug approval process.[6] The firm has grown organically over the years and through 40 acquisitions. Josef von Rickenbach is credited with establishing Parexel's culture and practices based on the principles he experienced as a researcher at Schering-Plough in Lucerne, Switzerland, before leaving the company upon retiring in 2018.[6][7] In 1990, the firm expanded internationally and established new practice areas. By 1999, it had a staff of 4,500 and 45 offices.[6]

The company was acquired in 2017 by private equity firm Pamplona Capital Management.[8][9] On July 2, 2021, Parexel announced a merger agreement under which it would be acquired by EQT IX fund and Goldman Sachs for $8.5 billion.[10] EQT and Goldman Sachs completed the acquisition on November 15, 2021.[11]

Operations

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With a global workforce of about 21,000 in 2025, Parexel provides clinical research support to its clients over the range of Phase I to IV clinical trials in various therapeutic categories, including neuroscience, general medicine, oncology, and infectious diseases, among others.[3] Examples of services provided include management of clinical trial subjects and trial investigators, regulatory approval, outsourcing, market access strategies, medical communications, and drug safety assessment.[3][12]

In 2024, Parexel established a collaboration with Palantir Technologies, a software company using artificial intelligence for data management solutions in clinical trials.[13]

History

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Parexel was founded in 1982 by chemist Anne B. Sayigh and businessperson Josef von Rickenbach in Cambridge, Massachusetts.[7][14] Its name derived from the 16th century Swiss scientist, "Paracelsus", who is credited with starting the field of chemistry.[15][16]

Initially, Parexel was focused on helping pharmaceutical businesses in Japan and Germany to obtain approval for their candidate drugs by the US FDA.[14] Parexel also published a newsletter on FDA regulatory news called the U.S. Regulatory Reporter, which was the foundation of its medical marketing division.[17][18]

In 1984, new legislation made it easier to produce generic drugs, leading to a rapid expansion of the market for contract research.[16] Parexel started providing its own contract clinical research services in 1986, growing to $14.75 million in annual revenues in 1990.[16] In the 1990s, Parexel opened new offices in California, North Carolina, Japan, Italy, and Australia.[17] By 2018, Parexel had some 18,900 employees with operations in 100 countries.[7]

Parexel went public on NASDAQ in 1995.[14] It used the funding to make a series of acquisitions,[17] including six consulting companies, two medical marketing businesses,[15] and three European businesses in 1998.[19] By 2018, Parexel had completed more than 40 mergers and acquisitions.[7]

In September 2017, private equity firm Pamplona Capital Management bought Parexel for $5 billion, taking it off the public market.[7] By this time, Parexel had more than $2 billion in annual revenues.[7] In 2021, Parexel was acquired again for $8.5 billion by two private equity firms, EQT Private Equity and Goldman Sachs Asset Management.[12]

In 2026, Parexel acquired Vitrana, an AI-powered pharmacovigilance platform provider, to expand its patient safety technology capabilities.[20]

References

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  1. ↑ "PAREXEL International Reports Fourth Quarter and Fiscal Year 2017 Results" (Press release). 28 August 2017.
  2. ↑ 2024 Sustainability and Impact Report, Parexel
  3. 1 2 3 "Company profile - About Us and Therapeutic Expertise". Parexel. 2025. Retrieved 11 March 2025.
  4. ↑ "List of Public Companies Worldwide, Letter – Businessweek – Businessweek". Businessweek.com. 30 June 2023.
  5. ↑ "Entrepreneur Briefs".
  6. 1 2 3 "Josef von Rickenbach – Parexel". Bilanz.ch. 31 December 1999.
  7. 1 2 3 4 5 6 Liu, Angus (March 5, 2018). "Parexel co-founder Josef von Rickenbach to end 35-year run as CEO". Fierce Biotech. Retrieved November 10, 2024.
  8. ↑ "BRIEF-Pamplona Capital Management completes acquisition of Parexel". Reuters. 29 September 2017.
  9. ↑ "Pamplona Capital Management acquires Parexel International | Private Equity Wire". Private Equity Wire. 2017-10-02. Retrieved 2021-01-29.
  10. ↑ "Parexel to be Acquired by EQT Private Equity and Goldman Sachs Asset Management | Parexel International Corporation". newsroom.parexel.com. Retrieved 2022-01-04.
  11. ↑ "EQT Private Equity and Goldman Sachs Asset Management Complete Acquisition of Parexel | Parexel International Corporation". newsroom.parexel.com. Retrieved 2022-01-04.
  12. 1 2 Vinluan, Frank (July 2, 2021). "CRO Parexel changes private equity hands again, this time for $8.5B". MedCity News. Retrieved November 12, 2024.
  13. ↑ Floersh, Helen (April 25, 2024). "Parexel strikes multi-year deal with Palantir for clinical trial AI". FierceBiotech. Retrieved March 12, 2025.
  14. 1 2 3 "Parexel Investors: Swimming With the Whales". Yahoo Finance. March 3, 2017. Retrieved November 10, 2024.
  15. 1 2 "Parexel". Hoover's Handbook of Emerging Companies. Hoovers Business Press. 1999. pp. 240–245. ISBN 1-57311-046-9.
  16. 1 2 3 Mast, J.A. (1993). Ward's Private Company Profiles. Gale Research. pp. 558–560. ISBN 978-0-8103-9140-6. Retrieved November 23, 2024.
  17. 1 2 3 "Parexel". International Directory of Company Histories. Vol. 84. St. James Press. 2007. ISBN 978-1-55862-588-4.
  18. ↑ "Entrepreneur Briefs". The Scientist. September 4, 1988.
  19. ↑ Bulkeley, William M. (1998-03-03). "Parexel Pays $148 Million For Three European Firms". The Wall Street Journal. p. B12. ISSN 0099-9660. Retrieved 2016-12-25.
  20. ↑ Taylor, Phil (2026-04-30). "Parexel buys Vitrana to boost patient safety toolkit". pharmaphorum. Retrieved 2026-07-06.
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