Clearsight Advisors, Inc. (“Clearsight”) is pleased to announce the acquisition of Health Advances, LLC (“Health Advances”) by PAREXEL International Corporation (“PAREXEL”). Clearsight served as the exclusive strategic and financial advisor to Health Advances. The transaction underscores Clearsight’s unrivaled position as the advisor of choice for leading companies in the consulting and professional services sectors as well as its depth of domain expertise across the complex life sciences ecosystem, where technology, services and data are rapidly converging.
Both organizations have long histories of successfully working with senior management teams across the life sciences industry to bring promising new medical products and services to market. PAREXEL (NASDAQ: PRXL) is a leading clinical research organization (CRO) primarily focused on designing and managing clinical trials and providing supporting services related to the clinical development of new medical products. Health Advances offers extremely complementary services as the leading life sciences strategy consulting firm focused on the commercialization of new medical innovations.
“After considering a wide range of partnership options, we are pleased to have chosen PAREXEL. We are confident that this combination creates the most powerful engine to ensure Health Advances’ continued rapid growth while providing the deepest insights and highest level of service to our clients,” stated Paula Ness Speers, Co-founder of Health Advances. “We were fortunate to work with Clearsight Advisors as their professional services experience, their patience and their help throughout the comprehensive and methodical process allowed us to find the right partner and optimize the transaction,” added Mark Speers, Co-founder of Health Advances.
Health Advances will operate as a standalone operating unit of PAREXEL. As a result, it will continue to operate under its current name – led by its current management team – and delivering its current suite of services to senior executives. Health Advances plans to enhance its offerings and geographic reach by leveraging PAREXEL’s capabilities and resources over time. As an example, PAREXEL has a profound understanding of the costs, timelines and risks of clinical development, which will enable Health Advances to guide clients’ commercial strategies and help prioritize their investments and assets even more effectively. PAREXEL, as the most global CRO in the industry, will also accelerate Health Advances’ plans to establish more international offices, since it operates 80 locations across 51 countries. Finally, PAREXEL employs over 1,000 MDs and PhDs with clinical and scientific expertise who will augment the expertise and knowledge base of Health Advances’ technically and scientifically trained employees and its proprietary network of experts.
“This transaction is further evidence of the compelling value-add that leading strategic consultancies can help deliver to the right corporate acquirors,” pronounced Joel Kallett, Managing Director of Clearsight Advisors. He went on to add, “We have thoroughly enjoyed working with Mark & Paula and their team at Health Advances. We are confident that this combination will be a win-win for both organizations.”