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Parexel Finalizes ClinPhone Acquisition

Thursday, August 14, 2008 02:56 PM

Contract research organization (CRO) Parexel International has finalized the acquisition of UK-based clinical technology firm ClinPhone. ClinPhone and Perceptive Informatics, Parexel’s existing technology subsidiary, will combine to provide enhanced eClinical services and products, according to a Parexel statement released today.

In June, Parexel entered into an initial agreement to acquire ClinPhone for $182 million after an earlier bid by Parexel was rejected for being too low. Quintiles, a Durham, N.C.-based CRO and Parexel rival, threatened to foil the deal by making an all-cash bid that would beat Parexel’s offer, but that counter-bid was never made.

Steve Kent, former chief executive officer of ClinPhone, will be Perceptive Informatics’ newly appointed president. The finalizing of this acquisition comes a week after Parexel reported record-high Q4 revenues.

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