Parexel Finalizes ClinPhone Acquisition
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.