Parexel to acquire functional service provider ExecuPharm
King of Prussia, PA-based ExecuPharm provides clients with professionals in several areas, such as clinical monitoring or study management. The company also provides support with operational activities, including onboarding, training, line management, performance management, and policy administration.
"Functional services represent an established and growing model within the biopharmaceutical industry, and ExecuPharm has supported the growing demand for these services," Cristi L. Barnett, senior director, global public relations, Parexel, told Outsourcing-Pharma.com, adding that both companies see "continued FSP growth opportunities."
According to the company, ExecuPharm has seen an 85% growth over the past three years, while working with many top 20 and mid-sized and small biopharma companies.
Josef von Rickenbach, Chairman and CEO, Parexel, explained that clients are increasingly using both programmatic and functional outsourcing models, in the company's press release issued this morning.
With its acquisition of ExecuPharm, Rickenbach said its existing functional services offering and capabilities will be expanded in order to meet the growing market demand – allowing clients to “fulfill all of their clinical development outsourcing needs through a single company.”
The acquisition, terms of which were not released, is expected to close in the next three weeks.
