As M&A buzz heats up, Parexel plans 1,200 layoffs; Grünenthal is hiring for its new Boston/Cambridge center
→ As rumors of a potential buyout spread following a move to cut projected revenue, the big CRO Parexel is laying the groundwork for a major cut in staff. In a filing with the SEC on May 4, the Waltham, MA-based company outlined plans to slash up to 1,200 jobs at the global clinical trial operation — far more than the 400 job cuts that had been in the works. The Boston Business Journal reported that story first. The Wall Street Journal, meanwhile, reported earlier in the week that Parexel has begun working with investment bankers to beat the bushes for a potential buyer, continuing a decade-long consolidation in the CRO business.
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