PAREXEL ACQUISITION BY EQT PRIVATE EQUITY, GOLDMAN SACHS ASSET MANAGEMENT

KUALA LUMPUR, July 5 (Bernama) -- Parexel, a leading global clinical research organisation focused on development and delivery of innovative new therapies to advance patient health, has announced execution of a definitive merger agreement under which it will be acquired by EQT IX fund (EQT Private Equity) and the Private Equity business within Goldman Sachs Asset Management (Goldman Sachs) from Pamplona Capital Management LP for US$8.5 billion. (US$1 = RM4.156)

“Over the past 18 months, Parexel has continued its strong growth trajectory delivering on its patients-first focus and accelerating new therapies to patients in need around the world,” said Parexel CEO Jamie Macdonald in a statement.

“With the market for outsourced clinical research services anticipated to grow at a conservative CAGR of eight to nine per cent, our focus remains on advancing and innovating Parexel to meet our customers’ needs across the evolving clinical development landscape.

“EQT and Goldman Sachs support this vision and are committed to investing in Parexel and our people to capitalise on this exciting market opportunity and make a difference for patients.”

EQT Healthcare Partner and Global Co-Head, Eric Liu said: “Our investment in Parexel reflects EQT’s thematic focus on the life sciences industry, as well as our commitment to partner with businesses that have a positive impact on society.

“We are excited to partner with Goldman Sachs for the next stage of Parexel’s journey, and to back Jamie, who prior to his role at Parexel had been a long-time senior adviser to EQT, as well as the rest of the Parexel team.”

Jo Natauri, Partner and Global Head of Private Healthcare Investing within Goldman Sachs Asset Management, said: “We are thrilled to partner with Jamie Macdonald, the entire Parexel management team and EQT to support Parexel, which has a distinguished track record of delivering clinical excellence to their large pharma and biotech customers globally.”

Evercore acted as financial adviser to Parexel, and Kirkland & Ellis LLP provided legal counsel for the transaction. Goldman Sachs and Jefferies LLC acted as financial advisers to EQT Private Equity and Goldman Sachs Asset Management, and Simpson Thacher & Bartlett LLP provided legal counsel.

Last December, Parexel was named ‘Best Contract Research Organization’ by an independent panel for Informa Pharma Intelligence.

-- BERNAMA