Parexel agrees new collaboration with Lilly

Parexel has been selected by Lilly as its new strategic functional service provider, in an agreement which will see the contract research organisation provide assistance in future clinical trials.

The new collaborative relationship between the two companies will see Lilly utilise Parexel's experience and resources to aid in the setup and organisation of clinical trials in the Asia Pacific region.

According to Lilly, the deal will allow it to conduct its future drug trials in a more efficient and flexible way, making it easier for the firm to allocate studies and resources to meet medical needs.

Josef von Rickenbach, chairman and chief executive officer at Parexel International, said the company's knowledge and capabilities will aid Lilly in expanding its presence in the area.

He added: "We are pleased to have been selected as a strategic partner by Lilly to help them accelerate development."

Last month, Parexel published its financial report for the 2009-10 fiscal year, detailing record-breaking results in terms of business wins.