Parexel International startled investors last quarter when its net new business dropped 30% from the previous three months.
The transactional model that once accounted for all CRO business is rapidly losing steam, Parexel International tells Outsourcing-Pharma, as Big Pharma sponsors recognize the benefits of deeper-seated strategic partnerships
CRO giant Parexel International posted quarterly gains in sales and net income, but a dip in new business spooked investors, dropping the company's shares as much as 17% on Wednesday.
Parexel International has inked a deal to pool its clinical trial data management service with a Japanese provider, teaming up to expand its share of the local market.
After a booming 2012, the CRO industry is likely to grow even further, one analyst projects, riding an increase in biotech funding and drug development successes.
While drug developers have been outsourcing studies in China for years, the country's fast-growing local market has created a need for in-China, for-China services. That's why CRO giant Parexel has launched Dĭng Huī, a Beijing-headquartered offshoot dedicated to helping clients get their therapies on the Chinese market.
Parexel turned in another quarter of double-digit sales growth, riding increases in IT and consulting revenue to a huge year-over-year jump in profits.
Parexel has united with the Rutgers New Jersey Medical School in a long-term deal to host clinical trials on campus, giving the school a boost to its clinical research unit.
While pharma's cost-cutting has long been a boon to CROs that can do R&D on the cheap, a lack of early-stage compounds coming down the pike has put the squeeze on labs that focus on preclinical and Phase I services.
Parexel International is selling off notes to raise $100 million, tapping a group of institutional investors for cash that will help it expand its capacity around the globe.