BRIEF—Parexel changes hands for $8.5 billion

USA-headquartered clinical research organization (CRO) Parexel, focused on development and delivery of innovative new therapies to advance patient health, has announced the execution of a definitive merger agreement under which it will be acquired by Sweden’s EQT IX fund and the private equity business within Goldman Sachs Asset Management from Pamplona Capital Management for $8.5 billion.

Pamplona Capital Management acquired Parexel in September 2017, for about $5 billion.

“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 chief executive Jamie Macdonald.

“With the market for outsourced clinical research services anticipated to grow at a conservative CAGR of 8% to 9%, 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 capitalize on this exciting market opportunity and make a difference for patients.”

The deal comes two weeks after EQT sold Moderna’s supplier Aldevron to medical equipment maker Danaher Corp for about $9.6 billion in an all-cash transaction.