Friday, June 13, 2008

Parexel puts up $182M for U.K. firm ClinPhone

By Mass High Tech Staff

Parexel International Corp., a provider of services for the biopharmaceutical industry, reports that it plans to buy clinical technology firm ClinPhone PLC for $182 million.

But Waltham-based Parexel’s (Nasdaq: PRXL) deal could be subject to competing bids, with clinical research giant Quintiles Transnational Corp. of North Carolina confirming that it has been in talks with the board of ClinPhone and may make an offer to buy the British company, according to published reports.

Parexel said its buyout offer has been approved by both its board of directors and ClinPhone’s. The buyer plans to close the all-cash acquisition by the end of its fiscal quarter ending Sept. 1, 2008. Company officials said ClinPhone would bring many technologies and capabilities into the company, which provides services to support clinical trials and other functions for life sciences firms. 

Founded in 1993, ClinPhone provides telephone and web-based systems used in clinical trials around the world. The Nottingham, England, firm listed 731 employees as of February 2008.

Parexel, with 6,485 workers, reported 2007 net income of $37.3 million on revenue of $918.1 million.