Parexel drops $72M on regulatory info outfit
Parexel International ($PRXL) is looking to bolster its regulatory consulting business, spending $72 million on Liquent, maker of software solutions for submissions and registrations.
Through the deal, Parexel gets Liquent's 300 employees and more than 200 biopharma clients around the world, the CRO says, and now it can fold the company's IT offerings into its growing Perceptive Informatics unit, CEO Josef von Rickenbach said.
"Through Liquent's flagship software platform, InSight, our clients will have access to comprehensive regulatory agency submission planning, viewing, tracking, publishing, and registration management throughout the entire lifecycle of a medicinal entity," von Rickenbach said in a statement.
Parexel has already closed the deal, and the company is expecting big things from Liquent's revenue stream in 2013. Parexel is ticking up its annual guidance about $35 million, predicting up to $1.695 billion for fiscal year 2013, which ends June 30, with Liquent bringing in between $17 million and $23 million.
- here's the statement