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PAREXEL (NASDAQ: PRXL ) has purchased a complementary asset. The company announced it bought the entirety of HERON Group, a life sciences consultancy that according to PAREXEL "provides evidence-based commercialization services to support biopharmaceutical companies throughout the lifecycle of their products."
The immediate cost of the acquisition was $24 million, which was funded through PAREXEL's existing cash resources. The company might pay an additional $14.2 million over the next 26 months if HERON meets certain financial targets.
HERON was established in 1999, is headquartered in Luton, U.K., and employs around 140 people. Prior to the PAREXEL acquisition, it was privately owned.