PAREXEL International Corporation, a global
biopharmaceutical services provider, today announced that it has been selected
as one of two strategic partners by Pfizer Inc. to provide clinical development
services.

PAREXEL will work with Pfizer to achieve greater speed and
cost efficiencies in its clinical development programs while delivering a high
level of quality and innovation. To provide these benefits to Pfizer, PAREXEL
will leverage its proven clinical processes and expertise combined with its
market-leading eClinical technology platform.

Through the partnership with PAREXEL, Pfizer will receive
the benefits of the industry’s most dynamic and innovative approaches to
strategic partnerships between a service provider and a sponsor. Under a five-year
agreement, Pfizer will leverage PAREXEL’s strengths and scale to execute
clinical development programs on a global basis with greater efficiency and
rigor. The partnership model will be implemented over an 18-24 month period
beginning in June 2011.

“This new strategic partnership model is part of a
comprehensive program to sharpen our research focus at Pfizer, and creates a
more flexible cost base through outsourcing of certain research and development
services. We are creating partnerships for activities that can be performed
most effectively and efficiently outside of the company, and have selected
PAREXEL because it is a leader in providing combined technology and clinical
capabilities,” said John Hubbard, Senior Vice President, Worldwide
Development, Pfizer. “We chose PAREXEL due to the Company’s in-depth
expertise, as well as its steadfast commitment to quality and regulatory
compliance, deep belief in collaboration, and strong drive to deliver
success.” “We look forward to providing innovative solutions and
expertise to help Pfizer accelerate clinical trials and accomplish its
development goals. PAREXEL is proud to be selected as a strategic partner and
will work collaboratively with Pfizer to create significant value,” said Josef
von Rickenbach, Chairman and Chief Executive Officer, PAREXEL International.
“We are focused on applying best-practice operational models, supported by
a combination of our eClinical solutions and clinical processes, to help Pfizer
reduce the time and cost of development. Leveraging our global resources and
worldwide technology infrastructure, we can enable more effective information
flow and improve data access, which results in greater visibility into trials-and
ultimately in better decision making.”