Global biopharmaceutical services provider Parexel International has signed an agreement to acquire The Medical Affairs Company (TMAC) in the US.

TMAC was founded in 2007 and is a full-service contract medical organisation offering strategic and tactical medical science liaison (MSLs), as well as clinical nurse educator support services.

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Other services are medical affairs consulting, medical communications support, and direct placement services. 

Parexel International chairman and CEO Josef von Rickenbach said: “The commercialisation-outsourcing market continues to grow as biopharmaceutical clients increasingly require medical affairs solutions to optimise awareness and understanding of their products in development or already on the market. 

“As a company, we are focused on opportunities within commercialisation, market access, regulatory, pharmacovigilance, and medical outsourcing. 

"As a company, we are focused on opportunities within commercialisation, market access, regulatory, pharmacovigilance, and medical outsourcing."

With the acquisition of TMAC, Parexel will gain new and distinct medical affairs outsourcing capabilities that will expand its commercialisation and market access offerings.

After the acquisition closes, the management team of TMAC will be retained and continue to manage its employees and the services currently provided to clients.

During the second quarter of fiscal year 2017, which ended on 31 December 2016, Parexel reported a 3.1% increase in service revenue to $534.4m, compared with $518.5m in the prior year period. 

For the six months ending 31 December 2016, service revenue stood at $1.03bn.

Backlog during this period was at $5.94bn, which represented a rise of approximately $462m year over year.