Parexel plans to buy UK clinical tech firm ClinPhone
Parexel International Corp., a Waltham company that provides clinical research and consulting to pharmaceutical and biotechnology companies, said today that it will buy clinical technology provider ClinPhone PLC for about $182 million.
UK -based ClinPhone provides interactive voice response and electronic data capture services to the pharmaceutical industry in Europe and the United States. Its products help centralize management of the clinical trial supply chain, track and manage trial data, and screen candidates and qualify appropriate subjects for studies.
Parexel said it has arranged a $300 million credit facility with JPMorgan Chase Bank NA and Keybank National Association to fund the acquisition and refinance the companies' existing debt.
The transaction is expected to close by Sept. 30, subject to ClinPhone shareholder and regulatory approvals.
Parexel expects the deal to dilute earnings in the first year, but add to adjusted profits. The company will take a one-time charge to write off loan fees and interest rate hedges. (AP)