PAREXEL International Announces Acquisition Of ATLAS Medical Services, A Provider Of Clinical Research Services In Turkey
PAREXEL International Corporation (Nasdaq: PRXL)("PAREXEL" or the "Company"), a global clinical research organization, announced today that the Company has acquired all of the outstanding equity securities of ATLAS Medical Services ("ATLAS"), a provider of clinical research services in Turkey, the Middle East, and North Africa.
ATLAS provides services across all phases of clinical development and has therapeutic expertise in Oncology, Hematology, Endocrinology, Cardiovascular, Anesthesiology, Infectious Diseases and the Central Nervous System. The firm also provides clinical trial-related services from study planning and feasibility, through site selection, data management and medical writing. ATLAS also provides regulatory services and can support product registration.
ATLAS was founded in 2005, and works with more than 28 biopharmaceutical services companies including Top 10 major biopharmaceutical companies. The company has 35 employees and is headquartered in Istanbul, with additional offices in Ankara and Izmir. The business will be integrated into PAREXEL's Clinical Research Services business. Prior to the sale, ATLAS was privately owned. ATLAS's Calendar Year 2013 revenue was approximately $4 million. The acquisition was funded with existing cash, and the impact of the acquisition on PAREXEL's Fiscal Year 2015 revenue and earnings per share is not material.
Josef von Rickenbach, Chairman and CEO of PAREXEL stated, "The acquisition of ATLAS strengthens PAREXEL's presence in Turkey, the Middle East and North Africa. These markets are of increasing importance to our clients who are looking for market access and a broad spectrum of patient populations for clinical trials. In addition, ATLAS has been a trusted business partner to PAREXEL for many years, and their infrastructure and staff are already aligned with our processes and operations. By fully integrating ATLAS into PAREXEL's global operations, we will enhance our ability to help clients more quickly achieve their goals of bringing important therapies to patients not only in Turkey, the Middle East, and North Africa, but also throughout the rest of the world."
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