The acquisition is expected to close in early April, subject to the satisfaction of closing conditions. Financial details were not revealed though Parexel said the purchase will be funded with existing cash. The impact of the acquisition on Parexel's FY 2015 revenue and earnings per share is not expected to be material.
Established in 2004, QSI offers a range of pharmacovigilance services including individual case safety report processing, brand physician activities, affiliate support, aggregate report writing, literature reviews, and signal detection. The company serves pharma, medical device and consumer clients and has approximately 900 employees.
A Parexel spokeswoman did not respond to a request for comment on whether Parexel would absorb all 900 of QSI’s employees though “additional details” will be shared when the acquisition closes.
Josef von Rickenbach, Chairman and CEO of Parexel, said, "Combined with the existing post-approval and regulatory strengths of Parexel, this acquisition will support the expansion of our pharmacovigilance services onto a broader platform. We are excited to be able to offer our clients QSI's leading services through our Clinical Research Services business."
The QSI business will be integrated into Parexel's Peri/Post-Approval Services group which is part of the CRS (Clinical Research Services) segment. It is also expected to synergies with the company’s Regulatory Outsourcing Services business.
The acquisition comes as Parexel recently expanded its site network to speed drug delivery, as well as acquired UK-based RTSM (Randomization and Trial Supply Management) company ClinIntel.