The EQT IX fund and the private equity business within Goldman Sachs Asset Management have agreed to acquire Parexel, a global clinical research organization from Pamplona Capital Management for an enterprise value of $8.5 billion.
Parexel was founded in 1982 and is co-headquartered in Durham, NC and Newton, MA, USA. The Company has significant expertise across the drug development and commercialization continuum, offering a comprehensive suite of outsourced clinical research services, as well as regulatory, market access, and strategy consulting services.
Eric Liu, partner and global co-head of healthcare at EQT, commented, “We have followed Parexel closely during the past few years and have been impressed by the Company’s development and trajectory. Our investment in Parexel reflects EQT’s thematic focus on the life sciences industry, as well as our commitment to partnering with businesses that have a positive impact on society. We are excited to partner with Goldman Sachs for the next stage of Parexel’s journey, and to back Jamie, who prior to his role at Parexel had been a long-time senior advisor to EQT, as well as the rest of the Parexel team.”
Jo Natauri, partner and global head of private healthcare Investing within Goldman Sachs Asset Management, commented, “We are thrilled to partner with Jamie Macdonald, the entire Parexel management team and EQT to support Parexel, which has a distinguished track record of delivering clinical excellence to their large pharma and biotech customers globally. We believe this investment will accelerate Parexel’s growth as it builds on the company’s global footprint, strong operational capabilities and expansive healthcare network.”
Jamie Macdonald, CEO of Parexel, commented, “We are proud of what Parexel has achieved over the recent years in collaboration with Pamplona, and the transformative journey that we have embarked on. EQT and Goldman Sachs are two leading global institutions with significant experience and expertise in the healthcare sector, and I am excited to partner with both in the next stage of our journey.”
Goldman Sachs and Jefferies LLC acted as financial advisors to EQT Private Equity and Goldman Sachs Asset Management, and Simpson Thacher & Bartlett LLP provided legal counsel.