ReSearch Pharmaceutical Services (RPS), a Delaware-based provider of clinical solutions to the bio-pharmaceutical industry, has acquired medical research organisation Paramax International for $1 million (£700,000) in cash.
The acquisition will provide RPS with expanded capabilities in Asia and is anticipated to close in late May 2009, upon satisfaction of certain closing conditions.
Dan Perlman, CEO of RPS, commented: “The acquisition of Paramax will be a key event in the expansion of our existing operations for providing globally integrated clinical research services. The capabilities that the management and staff of Paramax will bring to RPS are essential to meeting our objective of providing innovative, integrated, cost-effective drug development solutions in support of our customers’ product development portfolios.”
In the nine months ended 30 September 2008, RPS reported an increase in revenue of 36.9 per cent to $117.4 million (£82 million). Perlman said: “Growth in 2008 compared with 2007 continued into the third quarter as a result of new and existing client programmes. We will continue our focus on expanding our global footprint to facilitate future growth in revenues and profitability.”