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Jefferies recommends contract research sector after day 2 of Life Sciences Conference
By Lisa Kerner
Charlotte, N.C., June 29 - Jefferies & Co. Inc. analyst David Windley said the contract research organization sector offers the chance for investors to gain exposure to "increasingly health R&D budgets."
Following day 2 of his company's Life Sciences conference, Windley highlighted key points in a report.
Pharmaceutical Product Development chief executive officer Fred Eshelman noted that the early stage drug development is on the rise in a rapidly growing biotech market.
PPD believes that licensing compounds in the early stage offers the biggest benefit as the higher probability of failure is offset by attractive deal terms.
Based on remarks by Ciaran Murray, chief financial officer of ICON plc, RFP flows were strong once again this year, with solid business wins by ICON. Murray noted that RFP volumes have grown in the low-single digits, while dollar size has grown around 90%, according to the analyst.
Parexel International's head Josef Von Rickenbach said his company is winning its share of U.S. business, noting that the phase 1 market is good.
Kendle International's chief financial officer Karl Brenkert outlined his company's future strategy, which includes building a preclinical business. Time was also spent explaining the company's CRL phase 2-4 asset purchase.
SFBC International president Jeff McMullen talked about initiatives for future growth and the company's plans to change its name to PharmaNet. Growth drivers include expanding phase 4 operations through acquisition. The company's current flat backlog is expected to remain through 2006, with possible uptick in early 2007.
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