Diagnostic testing services are a key component of clinical trials of new
therapeutics, since most patients receive screening laboratory tests that are
frequently monitored during the course of a trial. Quest Diagnostics Clinical
Trials provides central laboratory services through its facilities in the
United States and Europe. PAREXEL offers a broad range of services to assist
the pharmaceutical, biotechnology, and medical device industries in bringing
new products to market.
Under the agreement, PAREXEL will offer to its customers Quest Diagnostics
Clinical Trials' clinical laboratory services and emerging technologies that
support all phases of global clinical trial development. Quest Diagnostics
Clinical Trials will have the opportunity to offer to its customers PAREXEL's
assay development services, available through PAREXEL International SARL, a
laboratory located in Poitiers, France that specializes in the development of
highly sensitive assays that combine mass spectrometry with chromatography for
all phases of development programs. In addition, Quest Diagnostics Clinical
Trials will continue to offer assay development services in the United States
through Quest Diagnostics' esoteric laboratory and research and development
center, Nichols Institute, in San Juan Capistrano, California. Through their
combined expertise, PAREXEL and Quest Diagnostics Clinical Trials intend to
provide availability to key research and development support services for
pharmaceutical and biotechnology clients.
"Quest Diagnostics Clinical Trials is well-qualified to meet the central
laboratory needs of global pharmaceutical and biotechnology clients," said
Warren Stern, Ph.D., Senior Vice President, Scientific and Medical Services
for PAREXEL. "This collaborative agreement with Quest Diagnostics Clinical
Trials provides us with the ability to give clients improved access to
diagnostic testing and information."
"We are pleased to collaborate with PAREXEL," said Lucia Quinn, Senior
Vice President, Advanced Diagnostics for Quest Diagnostics. "Together, we will
provide a broad range of clinical trials testing and services that support
biopharmaceutical companies' efforts to develop new therapies and improve the
health of patients."
About Quest Diagnostics
Quest Diagnostics Incorporated is a leading provider of diagnostic
testing, information and services, providing insights that enable physicians,
hospitals, managed care organizations and other healthcare professionals to
make decisions to improve health. The company offers patients and physicians
the broadest access to diagnostic laboratory services through its national
network of laboratories and patient service centers. Quest Diagnostics is the
leading provider of esoteric testing, including gene-based medical testing,
and empowers healthcare organizations and clinicians with state-of-the-art
connectivity solutions that improve practice management. Additional company
information can be found on the Internet at: www.questdiagnostics.com.
About PAREXEL International
PAREXEL is one of the largest biopharmaceutical outsourcing organizations
in the world, providing a broad range of knowledge-based contract research,
medical marketing and consulting services to the worldwide pharmaceutical,
biotechnology and medical device industries. With a commitment to providing
solutions that expedite time-to-market and peak market penetration, PAREXEL
has developed significant expertise in clinical trials management, data
management, biostatistical analysis, medical marketing, clinical pharmacology,
regulatory and medical consulting, industry training and publishing and other
drug development consulting services. Its information technology subsidiary,
Perceptive Informatics, Inc., provides a variety of technology products and
services, including web-based portal solutions and voice and data systems,
which are designed to accelerate and enhance the clinical development and
launch processes. PAREXEL's integrated services, therapeutic area depth and
sophisticated information technology, along with its experience in global drug
development and product launch services, represent key competitive strengths.
Headquartered near Boston, MA, PAREXEL operates in 57 locations throughout 37
countries around the world, and has approximately 4,860 employees.
This release contains "forward-looking" statements regarding future
results and events, including statements regarding PAREXEL's existing capital
resources and future cash flows from operations, and statements regarding
expected financial results, future growth and customer demand that involve a
number of risks and uncertainties. For this purpose, any statements contained
herein that are not statements of historical fact may be deemed forward-
looking statements. Without limiting the foregoing, the words "believes",
"anticipates", "plans", "expects", "intends", "appears", "estimates",
"projects" and similar expressions are intended to identify forward-looking
statements. PAREXEL's actual future results may differ significantly from the
results discussed in the forward-looking statements contained in this release.
Important factors that might cause such a difference include, but are not
limited to, risks associated with: actual operating performance; actual
expense savings and other operating improvements resulting from recent
restructurings; the cancellation, revision, or delay of contracts, including
those contracts in backlog; PAREXEL's dependence on certain industries and
clients; PAREXEL's ability to win new business, manage growth, and attract and
retain employees; PAREXEL's ability to complete additional acquisitions and to
integrate newly acquired businesses or enter into new lines of business;
government regulation of certain industries and clients; competition and
consolidation within the pharmaceutical industry; the potential for
significant liability to clients and third parties; the potential adverse
impact of health care reform; and the effects of exchange rate fluctuations
and other international economic and political risks. Such factors and others
are discussed more fully in the section entitled "Risk Factors" of the
Company's Form 10-Q for the fiscal quarter ended September 30, 2002, as filed
with the Securities and Exchange Commission, which "Risk Factors" discussion
is incorporated by reference in this press release. The forward-looking
statements included in this press release represent the Company's estimates as
of the date of this release. The Company specifically disclaims any
obligation to update these forward-looking statements in the future. These
forward-looking statements should not be relied upon as representing the
Company's estimates or views as of any date subsequent to the date of this
press release.
The statements in this press release which are not historical facts or
information may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause actual results and
outcomes to be materially different. Certain of these risks and uncertainties
may include, but are not limited to, unanticipated expenditures, changing
relationships with customers, suppliers and strategic partners, conditions of
the economy and other factors described in the Quest Diagnostics Incorporated
2001 Form 10-K and subsequent filings.
CONTACTS:
Kate McCorriston, Public Relations, (610) 565-9400, ext. 2630
Jill Baker, Investor Relations, (781) 434-4118
PAREXEL International Corporation
Gary Samuels, Public Relations, (201) 393-5700
Laure Park, Investor Relations, (201) 393-5030
Quest Diagnostics Incorporated