US-based Parexel, one of the world's biggest contract research organisations, has entered a definitive agreement to purchase ExecuPharm for an undisclosed amount.
Headquartered in US and established in 1995, ExecuPharm is a functional service provider (FSP) catering to the biopharmaceutical industry.
It provides qualified professionals to cater to clients across functional areas such as clinical monitoring or study management along with other operational activities, including onboarding, training, line management, performance management and policy administration.
Parexel chairman and CEO Josef von Rickenbach said: “Functional services represent an established and growing model within the biopharmaceutical industry.
“Clients are increasingly using a combination of programmatic and functional outsourcing models.
“With ExecuPharm, Parexel will expand and strengthen our existing functional services offering and capabilities to meet the growing market demand while allowing our clients to fulfil all of their clinical development outsourcing needs through a single company.”
Functional service providers serve biopharmaceutical customers with stand-alone outsourced services such as clinical monitoring, data management, biostatistics, site monitoring, study management, medical writing, and pharmacovigilance among others.
ExecuPharm founder and CEO Maria Larson said: “We are excited to become a part of PAREXEL and offer our clients an expanded global presence, increased therapeutic expertise, broad product development knowledge, and high-quality service.
“By providing clients the ability to outsource only certain functions, we provide flexibility in their drug development programme.”
The acquisition is expected to be completed within the next three weeks.