Taiwan-based Apex International Clinical Research, which was acquired by US pharmaceutical services company Parexel International, will now operate under the new name of Parexel Apex International. The Parexel International has paid $50.9 million for the firm. It will now hold 93.9 percent of Apex International, having four years earlier purchasing a minority stake in the Taiwanese firm.
Mr Josef H. van Rickenbach, Chairman and CEO, Parexel said, "With this acquisition, we are providing an expanded presence in the Asia-Pacific, to bring important pharmaceuticals to market faster. We are committed to bringing more clinical trials to Asia.”
The deal seems to vindicate the emphasis government policy makers have been making over Taiwan's advantages as a regional CRO center, as the new Parexel Apex International Asian regional headquarters is to be based in Taipei, Taiwan.
With the Apex acquisition, the new entity will remain the third largest publicly traded CRO in the world, and will now be second largest such service provider in Asia. Apex had already built a network of 350 staff in Taiwan and throughout the region with offices in mainland China, Taiwan, Hong Kong, Korea, India, Singapore, The Philippines, Malaysia, Indonesia, Thailand, Australia and New Zealand. Parexel Apex International would now have a presence in 65 locations in 51 countries, with a total staff of over 7,000.