The University of the Free State (UFS) has acquired 100% shares in PAREXEL’s Bloemfontein-based clinical research business, FARMOVS-PAREXEL, on 7 March 2018.
Rector and Vice-Chancellor, Prof Francis Petersen, and a team consisting of members from the university’s senior leadership group concluded a deal with PAREXEL International, the world’s innovator of biopharmaceutical research services, to acquire 100% shares in PAREXEL’s locally-based clinical research business, FARMOVS-PAREXEL.
Through the acquisition of FARMOVS, the UFS will own the largest Phase 1 clinical research business in South Africa.
FARMOVS conducts important clinical research for the global pharmaceutical industry that enables marketing of affordable generic drugs in South Africa and elsewhere in the world. FARMOVS also supports the development of important new medicines for a variety of diseases and illnesses.
During the signing of the sale agreement this week, Prof Petersen said that he greatly appreciates the spirit in which this deal was carried out. “FARMOVS is an excellent state-of-the-art clinical research facility. This is an exciting new venture for the university. I am extremely proud of what we have achieved, and am especially thankful to the FARMOVS management team for their cooperation as well as taking the FARMOVS staff through the process with enthusiasm,” he said.
FARMOVS is located on the UFS Bloemfontein Campus. It consists of 148 full-time employees, who are highly skilled and experienced, as is the management team who will remain intact under the leadership of Managing Director, Mr Chris Sutherland.
It is Prof Petersen’s vision that the UFS will become actively involved in the South African National Clinical Research Capacity Building Initiative with FARMOVS becoming a Clinical Research Centre of Excellence. “This is something new for the UFS, the challenge now is to expand with more of an industry impact,” said Prof Petersen.
The business will be known as FARMOVS from now on.
More about FARMOVS:
FARMOVS (Pty) Ltd, (formerly known as FARMOVS-PAREXEL Pty Ltd) is a clinical research company located on the campus of the UFS. It was established in 1974 by the Department of Pharmacology. In 2000, the UFS sold 70% shares to PAREXEL International, a global clinical research organisation. Under PAREXEL’s ownership and investment, FARMOVS developed into a world-class clinical research facility which is on par with the best in the world. Today, FARMOVS has conducted >3 000 clinical studies. It has the only Good Laboratory Practice (GLP) accredited bioanalytical laboratory in South Africa, and is the largest Phase 1 clinical research company in the country. While continuing its focus on the testing of generic drugs, going forward FARMOVS will support clinical research in different patient populations in partnership with the Faculty of Health Sciences at the UFS.
