Parexel, a global CRO, will collaborate with digital pharma platform provider Partex to leverage AI in pursuit of drug discovery and development of biotech as well as to streamline clinical trials.
The Durham, North Carolina-based CRO is looking to advanced technologies to bolster its services in all phases of clinical trials as well as further the clinical success of developer’s assets and identify additional conditions for existing therapies, the company said in an Aug. 15 press release. Financial terms of the agreement weren’t disclosed.
“Our innovative alliance with Partex helps to address this challenge by bringing to the forefront those assets with the strongest probability of clinical success, in turn enabling customers to focus their time and resources where it is most beneficial to patients,” Parexel CEO Jamie Macdonald said in the release.
Under the terms of the collaboration, Parexel will oversee the operation of Partex’s clinical trials. The two companies will also work together to improve trials by using Partex’s AI-powered “data to drugs” platform along with Parexel’s current technology.
Parexel, which touts a team of more than 21,000 professionals worldwide, was acquired from Pamplona Capital by Swedish investment firm EQT Private Equity and Goldman Sachs Asset Management in 2021 for $8.5 billion. Pamplona had itself bought the CRO for $5 billion in 2017.