Corporate Banner
Satellite Banner
Technology
Networks
Scientific Communities
 
Become a Member | Sign in
Home>News>This Article
  News
Return

PAREXEL International Announces Acquisition of Liquent

Published: Friday, January 04, 2013
Last Updated: Friday, January 04, 2013
Bookmark and Share
Company acquired all of the outstanding equity securities of Liquent.

PAREXEL International Corporation has announced that on December 21, 2012, the Company acquired all of the outstanding equity securities of Liquent, Inc., a leading global provider of Regulatory Information Management (RIM) solutions.

Liquent provides an integrated platform of software solutions for regulatory submissions and product registration management, as well as a range of complementary business process outsourcing capabilities.

Liquent was founded in 1994, and its clients include more than 200 biopharmaceutical and life sciences companies.

With headquarters in Horsham, Pennsylvania, and additional offices in the United Kingdom, Germany and India, the Company employs nearly 300 individuals.

Prior to the sale, Liquent was owned by Marlin Equity Partners. The purchase price was approximately $72 million (which was adjusted at closing to reflect Liquent’s cash, indebtedness and working capital balances at closing), and was funded through the expansion of one of the Company’s existing credit facilities.

Josef von Rickenbach, Chairman and CEO of PAREXEL stated, “The acquisition of Liquent further strengthens our regulatory capabilities by adding a robust information technology platform. 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. We are pleased to be able to provide this new offering and believe that it will enhance the portfolio of products and services that we provide through our Perceptive Informatics business. We expect the acquisition will also benefit the PAREXEL Consulting and Medical Communications Services business, where we will be able to leverage Liquent’s significant expertise in regulatory information management outsourcing through its Liquent Direct® solutions.”

In conjunction with the completion of the acquisition of Liquent and other factors covered in this release, PAREXEL also updated its forward-looking financial guidance for the second quarter of Fiscal Year 2013 (ending December 31, 2012) and for the full Fiscal Year (ending June 30, 2013).

PAREXEL has increased its forward-looking service revenue guidance for the second quarter as a result of accelerated project performance, and for the full Fiscal Year as a result of the positive contributions from the Liquent acquisition, as well as better overall performance.

Including these factors, the Company anticipates reporting consolidated service revenue in the range of $415 to $420 million for the second quarter of Fiscal Year 2013, and in the range of $1.675 to $1.695 billion for Fiscal Year 2013 in its entirety.

Of the increase, the Liquent acquisition is expected to contribute a small amount of service revenue in the second quarter and between $17 and $23 million in service revenue during the second half of Fiscal Year 2013.

Previously issued consolidated service revenue guidance was $400 to $410 million for the second quarter, and $1.630 to $1.660 billion for the Fiscal Year.

The Liquent acquisition is expected to have a dilutive effect on earnings per share as reported under Generally Accepted Accounting Principles (GAAP) in the range of $0.02 to $0.04 for Fiscal Year 2013, including the amortization of intangibles and other costs.

Excluding the amortization of intangibles and other costs, the acquisition is expected to be accretive. In addition to the impact from Liquent, the Company expects to have slightly better operating performance.

Taking into account the afore-mentioned factors, PAREXEL now anticipates reporting GAAP diluted earnings per share in the range of $0.33 to $0.34 for the second quarter of Fiscal Year 2013 and in the range of $1.32 to $1.39 for Fiscal Year 2013.

Adjusted earnings per diluted share are expected to be between $1.36 and $1.43 for Fiscal Year 2013 (adjusted earnings per diluted share is a non-GAAP measure that excludes the impact of certain items that were recorded in the first quarter of Fiscal Year 2013 and reconciled to GAAP in the Company’s press release dated October 30, 2012 including the sale of a building, a favorable adjustment to restructuring reserves, a charge relating to a dispute, and one-time adjustments to deferred tax assets, but does not include any items related to the acquisition of Liquent).

Previously issued guidance was for GAAP earnings per diluted share to be in the range of $0.31 to $0.33 for the second quarter of Fiscal Year 2013 and in the range of $1.30 to $1.40 for Fiscal Year 2013.

For the full Fiscal Year, adjusted earnings per diluted share had been expected to be in the range of $1.34 to $1.44 (adjusted earnings per diluted share excluded the impact of the special items that were recorded in the first quarter as referenced above).

With regard to other events, delays in decision-making by clients are expected to lead to softer new business wins in the second quarter of Fiscal Year 2013, and a shift of pending requests for proposals into the third quarter of Fiscal Year 2013.

The Company has taken this into account in the revised financial guidance that has been issued in this press release.

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures.

The Company believes that presenting the non-GAAP financial measures contained in this press release assists investors and others in gaining a better understanding of its core operating results and future prospects, especially when comparing such results to previous periods or forecasted guidance, because such measures exclude items that are outside of the Company's normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.

Management uses non-GAAP financial measures, in addition to the measures prepared in accordance with GAAP, as the basis for measuring the Company's core operating performance and comparing such performance to that of prior periods and to the performance of its competitors for the same reasons stated above.

Such measures are also used by management in its financial and operating decision-making. Non-GAAP financial measures are not meant to be considered superior to or a substitute for the Company's results of operations prepared in accordance with GAAP.


Further Information

Join For Free

Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 3,200+ scientific posters on ePosters
  • More Than 4,600+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

PAREXEL and EMC Form Alliance
Company has announced that it has entered an alliance with EMC to provide cloud-based document and RIM services.
Thursday, April 14, 2016
PAREXEL Wins Best Technological Development in Clinical Trial Award
Company wins the award at the 11th Annual Scrip Awards.
Friday, January 01, 2016
PAREXEL Enhances End-to-End Clinical Development Services
New, dynamic technology-enabled processes offer sponsors speed and simplicity in study design, start-up, execution, and submission.
Saturday, November 21, 2015
PAREXEL Enhances ClinPhone® RTSM Service
To simplify and expedite randomization and trial supply management for clinical studies.
Saturday, May 30, 2015
PAREXEL Announces Acquisition of ATLAS Medical Services
Acquisition strengthens PAREXEL’s presence in Turkey, the Middle East and North Africa.
Thursday, July 03, 2014
PAREXEL Launches New Regulatory Outsourcing Service Line
Company broadens portfolio of regulatory information management solutions to enhance client value.
Friday, February 21, 2014
Scientific News
Platelets are the Pathfinders for Leukocyte Extravasation During Inflammation
Findings from the study could help in the prevention and treatment of inflammatory pathologies.
ASMS 2016: Targeting Mass Spectrometry Tools for the Masses
The expanding application range of MS in life sciences, food, energy, and health sciences research was highlighted at this year's ASMS meeting in San Antonio, Texas.
Benchtop Automation Trends
Gain a better understanding of current interest in and future deployment of benchtop automated systems.
Manufactured Stem Cells to Advance Clinical Research
Clinical-grade cell line will enable development of new therapies and accelerate early-stage clinical research.
Dengue Virus Exposure May Amplify Zika Infection
Researchers at Imperial College London have found that the previous exposure to the dengue virus may increase the potency of Zika infection.
Gender Determination in Forensic Investigations
This study investigated the effectiveness of lip print analysis as a tool in gender determination.
Identifying Novel Types of Forensic Markers in Degraded DNA
Scientists have tried to verify the nucleosome protection hypothesis by discovering STRs within nucleosome core regions, using whole genome sequencing.
Proteins in Blood of Heart Disease Patients May Predict Adverse Events
Nine-protein test shown superior to conventional assessments of risk.
Higher Frequency of Huntington's Disease Mutations Discovered
University of Aberdeen study shows that the gene change that causes Huntington's disease is much more common than previously thought.
Starving Stem Cells May Enable Scientists To Build Better Blood Vessels
Researchers from the University of Illinois at Chicago College of Medicine have uncovered how changes in metabolism of human embryonic stem cells help coax them to mature into specific cell types — and may improve their function in engineered organs or tissues.
Scroll Up
Scroll Down
Skyscraper Banner

Skyscraper Banner
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
3,200+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,600+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!