Pamplona Capital Management has completed its acquisition of biopharmaceutical services company, Parexel.
Pamplona has acquired all outstanding shares of Parexel for USD88.10 per share in cash. The transaction was approved overwhelmingly by stockholders on September 15, with more than 98 per cent of votes cast in favour. Parexel stock will stop trading at the close of business today. Josef von Rickenbach will continue to serve as CEO. Dr. Jeremy Gelber, Partner of Pamplona Capital Management, will serve on the Board of Directors.
“This acquisition will better position Parexel for growth and success,” says von Rickenbach. “Pamplona is an ideal partner, with deep healthcare expertise and a strong track record of investing in market-leading companies in the healthcare sector. They share our confidence in the road ahead. Working together, we will lead Parexel to even greater achievement.”
“We are excited that Parexel is joining Pamplona’s family of healthcare companies,” says Gelber. “Parexel has built a leadership position in the large and growing biopharmaceutical services market and has established an outstanding reputation for innovation and scientific excellence. We at Pamplona look forward to working with our Parexel colleagues to create significant value for the Company and its clients.”
