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Jefferies Cuts Price Target on Parexel (PRXL) Following Announced Repurchase Plan

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PAREXEL International Announces $200 Million Accelerated Share Repurchase Program

November 22, 2016 10:09 AM EST

BOSTON--(BUSINESS WIRE)-- PAREXEL International Corporation (Nasdaq: PRXL), a leading global biopharmaceutical services provider, announced today that the Company entered into an accelerated share repurchase agreement (ASR) with HSBC Bank USA, National Association, to purchase shares of its common stock for an aggregate purchase price of $200 million. The Company is acquiring these shares as part of the stock repurchase plan authorized by the Board that was announced on October 26, 2016. Pursuant to the agreement, on November 23, 2016, the Company will initially receive approximately 2.8 million shares of common stock, representing 80 percent of the shares to be... More