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PAREXEL acquires ExecuPharm to broaden functional service depth
WALTHAM, Mass.—PAREXEL International Corp., a leading global biopharmaceutical services provider, will acquire functional service leader ExecuPharm Inc. as part of its aim to be a more comprehensive development partner to biopharmaceutical and medical device companies across the globe. ExecuPharm is best known as a functional service provider (FSP), supporting pharmaceutical, biotech and medical device industries in Phase 1 to Phase 4 clinical studies.
PAREXEL provides a broad range of expertise-based clinical research, consulting, medical communications and technology solutions and services to the worldwide pharmaceutical, biotechnology and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, the company has developed significant expertise in all phases of development and commercialization, from drug development and regulatory consulting to clinical pharmacology, clinical trials management and reimbursement. To enhance their capacity to serve a broader customer base of varying sizes and with varying abilities to outsource, they began to focus on functional service offerings several years ago.
“Clients increasingly need flexibility when choosing an outsourcing model that aligns with their path to drug development,” PAREXEL President and Chief Operating Officer Dr. Mark Goldberg said in a 2013 statement in addressing the FSP issue. “By creating [an FSP] operating unit, we are taking a more proactive and focused approach to compete in the growing global functional services market. Of particular importance, we’ll be able to strengthen our relationships with clients of all sizes by providing a broader mix of full programmatic and functional outsourcing.”
Established in 1995, ExecuPharm specializes in providing clients with qualified professionals in specialized functional departments, such as clinical monitoring or study management, while also providing operational resources to aid with onboarding, training, line management, performance management and policy administration. Based in the up-and-coming biotech hub King of Prussia, Pa., it serves an impressive cadre of top biopharmaceutical players. ExecuPharm’s says its strong client relationships have led to 85 percent growth in the company in the past three years.
“We are excited to become a part of PAREXEL and offer our clients an expanded global presence, increased therapeutic expertise, broad product development knowledge and high-quality service. By providing clients the ability to outsource only certain functions, we provide clients flexibility in their drug development programs,” added Maria Larson, founder and CEO of ExecuPharm.
Functional service providers offer biopharmaceutical clients standalone outsourced services, such as clinical monitoring, data management, biostatistics, site monitoring, study management, medical writing, pharmacovigilance and other related functions. Customers may outsource functions tactically, on a particular trial, or strategically to constitute or supplement an entire department.
“Functional services represent an established and growing model within the biopharmaceutical industry. Clients are increasingly using a combination of programmatic and functional outsourcing models,” said Josef von Rickenbach, chairman and CEO of PAREXEL. “With ExecuPharm, PAREXEL will expand and strengthen our existing functional services offering and capabilities to meet the growing market demand while allowing our clients to fulfill all of their clinical development outsourcing needs through a single company.”
The ExecuPharm acquisition rounds out a busy year for PAREXEL, which also acquired Health Advances LLC in February. The Health Advances acquisition added 120 scientists, clinicians and business professionals to the PAREXEL team, working with more than half of the top 25 biopharmaceutical companies; the leading medical device, diagnostics and health information technology companies; and healthcare investors and service businesses. Their specialized services include portfolio planning, product positioning, market assessment and forecasting, strategic and business planning, as well as advising on partnering and acquisitions.