Parexel International Corp. (NSDQ:PRXL) will close four of its international early-phase facilities and downsize the other five, cutting 300 jobs in the process.
Despite an 23 percent increase in profits in the three months ending March 31 as compared with the same time last year, the prominent CRO reported in May that early phase work continued to show revenue shortfalls.
"The Early Phase market is clearly in transition. As industry conditions shift, our business must also adapt," Parexel chairman & CEO said in a statement.
The Waltham, Mass.-based clinical research organization announced plans to cut early phase capacity by up to 30 percent last month, Fierce Biotech reported.