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  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt">As filed with the Securities and Exchange Commission on February&nbsp;13, 2006
  </DIV>
  
  
  <DIV align="right" style="font-size: 10pt; margin-top: 0pt">Registration No.&nbsp;333-_____
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </DIV>
  
  <DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
  <DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
  
  
  
  
  <DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
  </DIV>
  
  <DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
  </DIV>
  
  <DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
  </DIV>
  
  
  <DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER<BR>
  THE SECURITIES ACT OF 1933</B>
  </DIV>
  
  <DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>PAREXEL International Corporation</B>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="47%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="47%">&nbsp;</TD>
  </TR>
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  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD align="center" valign="top">Massachusetts<BR>
  (State or Other Jurisdiction of Incorporation
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">04-2776269<BR>
  (I.R.S. Employer</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top">or Organization)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Identification No.)</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top">200 West Street</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">02451</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top">Waltham, Massachusetts
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top">(Address of Principal Executive Offices)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">(Zip Code)</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>2005 Stock Incentive Plan</B><BR>
  (Full Title of the Plan)</DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>W. Brett Davis<BR>
  Associate General Counsel &#038; Assistant Secretary<BR>
  200 West Street<BR>
  Waltham, Massachusetts 02451</B><BR>
  (Name and Address of Agent For Service)<BR>
  <B>(781)&nbsp;487-9900</B><BR>
  (Telephone Number, Including Area Code, of Agent For Service)</DIV>
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
  </DIV>
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
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      <TD width="1%">&nbsp;</TD>
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      <TD width="2%">&nbsp;</TD>
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      <TD width="5%">&nbsp;</TD>
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      <TD width="2%">&nbsp;</TD><!-- VRule -->
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
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      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  
      <TD width="1%">&nbsp;</TD>
  </TR><TR style="font-size: 1px" valign="bottom">
      <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>
  
      <TD>&nbsp;</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Proposed</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Proposed</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>
  
      <TD>&nbsp;</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Maximum</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Maximum</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>
  
      <TD nowrap align="center">Title of Securities</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Amount to be</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Offering Price Per</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Aggregate Offering</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Amount of</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>
  
      <TD nowrap align="center">to be Registered</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Registered(1)</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Share</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Price</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Registration Fee</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  
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      <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
  
  <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, $0.01
  par value per share
  (including the
  associated
  Preferred Stock
  Purchase Rights)</DIV></TD>
      <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
      <TD style="border-top: 2px solid #000000">&nbsp;</TD>
      <TD colspan="3" align="center" style="border-top: 2px solid #000000" nowrap>1,000,000 shares</TD>
      <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
      <TD style="border-top: 2px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
      <TD align="right" style="border-top: 2px solid #000000">23.91</TD>
      <TD nowrap style="border-top: 2px solid #000000">(2)</TD>
      <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
      <TD style="border-top: 2px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
      <TD align="right" style="border-top: 2px solid #000000">23,910,000.00</TD>
      <TD nowrap style="border-top: 2px solid #000000">(2)</TD>
      <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
      <TD style="border-top: 2px solid #000000">&nbsp;</TD>
      <TD align="right" style="border-top: 2px solid #000000">$</TD>
      <TD align="right" style="border-top: 2px solid #000000">2,558.37</TD>
      <TD style="border-top: 2px solid #000000">&nbsp;</TD>
      <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
  </TR>
  <TR> <TD width="1%" style="border-top: 0px solid #000000">&nbsp;</TD>
                      <TD nowrap style="border-top: 0px solid #000000"><DIV style="margin-left:15px; text-indent:-15px"></DIV></TD>
      <TD style="border-right: 2px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
      <TD style="border-top: 0px solid #000000">&nbsp;</TD>
  
  <TD colspan="3" align="center" style="border-top: 0px solid #000000" nowrap>&nbsp;</TD>
      <TD style="border-right: 2px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
      <TD style="border-top: 0px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" style="border-top: 0px solid #000000"></TD>
      <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
      <TD nowrap style="border-top: 0px solid #000000">&nbsp;</TD>
      <TD style="border-right: 2px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
      <TD style="border-top: 0px solid #000000">&nbsp;</TD>
  
  <TD nowrap align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
      <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
      <TD nowrap style="border-top: 0px solid #000000">&nbsp;</TD>
      <TD style="border-right: 2px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
      <TD style="border-top: 0px solid #000000">&nbsp;</TD>
      <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
      <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
      <TD style="border-top: 0px solid #000000">&nbsp;</TD>
      <TD width="1%" style="border-top: 0px solid #000000">&nbsp;</TD>
  </TR>
  <TR style="font-size: 1px" valign="bottom">
      <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <DIV align="left">
  <DIV style="font-size: 3pt; margin-top: 3pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
  </DIV>
  
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  <TR>
      <TD width="3%"></TD>
      <TD width="1%"></TD>
      <TD width="96%"></TD>
  </TR>
  
  <TR valign="top">
      <TD nowrap align="left">(1)</TD>
      <TD>&nbsp;</TD>
      <TD>In accordance with Rule&nbsp;416 under the Securities Act of 1933, as amended, this
  registration statement shall be deemed to cover any additional securities that may from time
  to time be offered or issued to prevent dilution resulting from stock splits, stock dividends
  or similar transactions.</TD>
  </TR>
  
  <TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD nowrap align="left">(2)</TD>
      <TD>&nbsp;</TD>
      <TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c)
  and 457(h) of the Securities Act of 1933, as amended, and based upon the average of the high
  and low prices of the Registrant&#146;s Common Stock as reported on the Nasdaq National Market on
  February&nbsp;8, 2006.</TD>
  </TR>
  
  </TABLE>
  
  
  
  <DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
  <DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
  
  
  
  
  
  
  
  
  
  <P align="center" style="font-size: 10pt">&nbsp;
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  
  
  
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in the instructions to Part&nbsp;I of the Form
  S-8 will be sent or given to participants of PAREXEL&#146;s 2005 Stock Incentive Plan, referred to
  herein as the Plan, as required by Rule&nbsp;428(b)(1) of the Securities Act of 1933. As permitted by
  the instructions to Part&nbsp;I of Form S-8, these documents are not filed with this registration
  statement.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This registration statement on Form S-8 has been filed by PAREXEL in order to register an
  aggregate of one million (1,000,000) shares of common stock, $0.01 par value per share, issuable
  upon the exercise of stock options and/or issued or issuable in the form of restricted stock awards
  granted or to be granted under the Plan as follows:
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The first part of this registration statement contains a reoffer prospectus prepared in
  accordance with the requirements of Part&nbsp;I of Form S-3 with respect to 390,000 shares of restricted
  stock granted to our officers and directors pursuant to the Plan prior to the date hereof.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The second part of this registration statement contains &#147;Information Required in the
  Registration Statement&#148; prepared in accordance with the requirements of Part&nbsp;II of Form S-8 with
  respect to the options and restricted stock that may be granted to non-affiliates subsequent to the
  date hereof.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this prospectus is not complete and may be changed. The selling
  stockholders named in this prospectus may not sell these securities until the registration
  statement filed with the Securities and Exchange Commission is effective. This prospectus is not
  an offer to sell these securities until the registration statement filed with the Securities and
  Exchange Commission is effective. This prospectus is not an offer to sell these securities and the
  selling stockholders named in this prospectus are not soliciting offers to buy these securities in
  any jurisdiction where the offer or sale is not permitted.
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;-ii-
  </DIV>
  
  
  <P align="center" style="font-size: 10pt">&nbsp;
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
  </DIV>
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROSPECTUS</B>
  </DIV>
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PAREXEL International Corporation</B>
  </DIV>
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt">390,000 Shares of Common Stock<BR>
  Issued under 2005 Stock Incentive Plan
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus relates to the resale, from time to time, of up to 390,000 shares of common
  stock, $.01 par value, of PAREXEL International, Inc., which we previously issued to our officers
  and directors in the form of restricted stock grants. We issued these shares pursuant to our 2005
  Stock Incentive Plan, which is referred to herein as the Plan.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from the sale of the shares.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders identified in this prospectus, or their pledgees, donees, transferees
  or other successors-in-interest, may offer the shares from time to time through public or private
  transactions at prevailing market prices, at prices related to prevailing market prices or at
  privately negotiated prices.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is traded on the Nasdaq National Market under the symbol &#147;PRXL.&#148; On February
  8, 2006, the closing sale price of the common stock on Nasdaq was $24.02 per share. You are urged
  to obtain current market quotations for the common stock.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in our Common Stock involves a high degree of risk. See &#147;Risk Factors&#148;
  beginning on page 4.</B>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities commission has
  approved or disapproved of these securities or determined if this Prospectus is truthful or
  complete. Any representation to the contrary is a criminal offense.</B>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt">The date of this Prospectus is February&nbsp;13, 2006.
  </DIV>
  
  <P align="center" style="font-size: 10pt">&nbsp;
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <DIV align="left">
  <!-- TOC -->
  </DIV>
  <DIV align="left">
  <A name="tocpage"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
  </DIV>
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="96%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">PROSPECTUS SUMMARY</A></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD align="right" valign="top">3</TD>
      <TD valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">PAREXEL INTERNATIONAL CORPORATION</A></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD align="right" valign="top">3</TD>
      <TD valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">THE OFFERING</A></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD align="right" valign="top">4</TD>
      <TD valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">RISK FACTORS</A></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD align="right" valign="top">4</TD>
      <TD valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</A></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD align="right" valign="top">15</TD>
      <TD valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">USE OF PROCEEDS</A></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD align="right" valign="top">16</TD>
      <TD valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">SELLING STOCKHOLDERS</A></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD align="right" valign="top">16</TD>
      <TD valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">PLAN OF DISTRIBUTION</A></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD align="right" valign="top">19</TD>
      <TD valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">LEGAL MATTERS</A></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD align="right" valign="top">20</TD>
      <TD valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">EXPERTS</A></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD align="right" valign="top">20</TD>
      <TD valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">WHERE YOU CAN FIND MORE INFORMATION</A></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD align="right" valign="top">21</TD>
      <TD valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#112">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD align="right" valign="top">21</TD>
      <TD valign="top">&nbsp;</TD>
  </TR>
  <!-- End Table Body -->
  <TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b59117piexv5w1.htm">Ex-5.1 Opinion of Wilmer Cutler Pickering Hale and Dorr LLP</A></FONT></TD></TR>
  <TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b59117piexv23w2.htm">Ex-23.2 Consent of Ernst & Young LLP</A></FONT></TD></TR>
  </TABLE>
  </DIV>
  
  <DIV align="left">
  <!-- /TOC -->
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not authorized anyone to provide you with information different from that contained or
  incorporated by reference in this prospectus. The selling stockholders are offering to sell, and
  seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are
  permitted. The information contained in this prospectus is accurate only as of the date of this
  prospectus, regardless of the time of delivery of this prospectus or of any sale of common stock.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except where the context otherwise indicates, all references to &#147;PAREXEL,&#148; &#147;us&#148; or &#147;we&#148;
  include all present and future parents or subsidiaries of PAREXEL International Corporation as
  defined in Sections 424(e) and 424(f) of the Internal Revenue Code and any other business venture
  in which we have a controlling interest as determined by our board of directors.
  </DIV>
  
  <P align="center" style="font-size: 10pt">&nbsp;
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <DIV align="left">
  <A name="101"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROSPECTUS SUMMARY</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement on Form S-8 filed by us with the
  Securities and Exchange Commission, or SEC, to register 1,000,000 shares or our common stock,
  issuable upon the exercise of stock options granted under the Plan or issued or issuable pursuant
  to restricted stock awards granted or to be granted under the Plan. This prospectus does not
  contain all of the information set forth in the registration statement, certain parts of which are
  omitted in accordance with the rules and regulations of the SEC. Accordingly, you should refer to
  the registration statement and its exhibits for further information about us and our common stock.
  Copies of the registration statement and its exhibits are on file with the SEC. Statements
  contained in this prospectus concerning the documents we have filed with the SEC are not intended
  to be comprehensive, and in each instance we refer you to the copy of the actual document filed as
  an exhibit to the registration statement or otherwise filed with the SEC.
  </DIV>
  <DIV align="left">
  <A name="102"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PAREXEL INTERNATIONAL CORPORATION</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a leading biopharmaceutical services company, providing a broad range of contract
  research, medical marketing, consulting and technology products and services to the worldwide
  pharmaceutical, biotechnology and medical device industries. Our product and service offerings
  include:
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>clinical trials management,</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>data management,</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>biostatistical analysis,</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>medical marketing,</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>clinical pharmacology,</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>regulatory and medical consulting,</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>performance improvement,</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>industry training and publishing,</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>web-based portal solutions,</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>interactive voice response systems,</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>electronic data capture solutions,</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>medical diagnostics services, and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>other drug development consulting services.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were incorporated in the Commonwealth of Massachusetts in 1983. Our principal executive
  offices are located at 200 West Street, Waltham, Massachusetts 02451 and our telephone number is
  (781)&nbsp;487-9900.
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 3 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <DIV align="left">
  <A name="103"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE OFFERING</B>
  </DIV>
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="48%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="50%">&nbsp;</TD>
  </TR>
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Common Stock offered by selling
  stockholders
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">390,000 shares</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Use of proceeds
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">PAREXEL will not receive any proceeds
  from the sale of shares in this
  offering</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Nasdaq National Market symbol
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">PRXL</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  <DIV align="left">
  <A name="104"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in our common stock involves a high degree of risk. You should carefully consider
  the following risk factors in addition to the other information included or incorporated by
  reference in this prospectus before purchasing our common stock. If any of the following risks
  actually occur, our business, financial condition or results of operations would likely suffer. In
  that case, the trading price of our common stock could fall, and you may lose all or part of the
  money you paid to buy our common stock.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>RISKS RELATING TO OUR BUSINESS, STRATEGY AND INDUSTRY</B>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THE LOSS, MODIFICATION, OR DELAY OF LARGE OR MULTIPLE CONTRACTS MAY NEGATIVELY IMPACT OUR FINANCIAL
  PERFORMANCE</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our clients generally can terminate their contracts with us upon 30 to 60&nbsp;days notice or can
  delay the execution of services. The loss or delay of a large contract or the loss or delay of
  multiple contracts could adversely affect our operating results, possibly materially. We have in
  the past experienced contract cancellations, which have adversely affected our operating results,
  including a major Phase III cancellation during the first quarter of the fiscal year ending June
  30, 2005.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clients terminate or delay their contracts for a variety of reasons, including, but not limited to:
  </DIV>
  
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>merger or potential merger related activities;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>failure of products being tested to satisfy safety requirements;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>failure of products being tested to prove effective;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>products having unexpected or undesired clinical results;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>client decisions to forego a particular study, perhaps for economic reasons;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>insufficient patient enrollment in a study;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>insufficient investigator recruitment;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>production problems which cause shortages of the product;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>product withdrawal following market launch; and</TD>
  </TR>
  
  
  </TABLE>
  </DIV>
  <P align="center" style="font-size: 10pt">- 4 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  
  
  </TABLE>
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>manufacturing facility shut down.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we believe that companies regulated by the Food and Drug Administration, or FDA,
  may proceed with fewer clinical trials or conduct them without the assistance of bio/pharmaceutical
  services companies if they are trying to reduce costs as a result of budgetary limits or changing
  priorities. These factors may cause such companies to cancel contracts with bio/pharmaceutical
  services companies.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WE FACE INTENSE COMPETITION IN MANY AREAS OF OUR BUSINESS; IF WE DO NOT COMPETE EFFECTIVELY, OUR
  BUSINESS WILL BE HARMED</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bio/pharmaceutical services industry is highly competitive and we face numerous
  competitors in many areas of our business. If we fail to compete effectively we may lose clients,
  which would cause our business to suffer.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We primarily compete against in-house departments of pharmaceutical companies, other full
  service clinical research organizations, CROs, small specialty CROs, and to a lesser extent,
  universities, teaching hospitals, and other site organizations. Some of the larger CROs against
  which we compete include Quintiles Transnational Corporation, Covance, Inc. and Pharmaceutical
  Product Development Inc. In addition, our PAREXEL Consulting and Medical Marketing business also
  competes with a large and fragmented group of specialty service providers, including
  advertising/promotional companies, major consulting firms with pharmaceutical industry groups and
  smaller companies with pharmaceutical industry focus. Perceptive Informatics, Inc., our
  wholly-owned subsidiary, competes primarily with CROs, information technology companies and other
  software companies. Some of these competitors, including the in-house departments of pharmaceutical
  companies, have greater capital, technical and other resources than us. In addition, our
  competitors that are smaller specialized companies may compete effectively against us because of
  their concentrated size and focus.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THE FIXED RATE NATURE OF OUR CONTRACTS COULD HURT OUR OPERATING RESULTS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately 85.0% of our contracts are fixed rate. If we fail to adequately price our
  contracts or if we experience significant cost overruns, our gross margins on the contract would be
  reduced and we could lose money on contracts. In the past, we have had to commit unanticipated
  resources to complete projects, resulting in lower gross margins on those projects. We might
  experience similar situations in the future.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IF GOVERNMENTAL REGULATION OF THE DRUG, MEDICAL DEVICE AND BIOTECHNOLOGY INDUSTRY CHANGES, THE NEED
  FOR OUR SERVICES COULD DECREASE</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governmental regulation of the drug, medical device and biotechnology product development
  process is complicated, extensive, and demanding. A large part of our business involves assisting
  pharmaceutical and biotechnology companies through the regulatory approval process. Changes in
  regulations, that, for example, streamline procedures or relax approval standards, could eliminate
  or reduce the need for our services. If companies regulated by the FDA or similar foreign
  regulatory
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 5 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">authorities needed fewer of our services, we would have fewer business opportunities and
  our revenues would decrease, possibly materially.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the U.S., the FDA and the Congress have attempted to streamline the regulatory process by
  providing for industry user fees that fund the hiring of additional reviewers and better management
  of the regulatory review process. In Europe, governmental authorities have approved common
  standards for clinical testing of new drugs throughout the European Union by adopting standards for
  good clinical practice, or GCP, and by making the clinical trial application and approval process
  more uniform across member states starting in May&nbsp;2004. The FDA has had GCP in place as a
  regulatory standard and requirement for new drug approval for many years and Japan adopted GCP in
  1998. The U.S., Europe and Japan have also collaborated in the 15-year-long International
  Conference on Harmonisation, or ICH, the purpose of which is to eliminate duplicative or
  conflicting regulations in the three regions. The ICH partners have agreed upon a common format
  (the Common Technical Document) for new drug marketing applications that eliminates the need to
  tailor the format to each region. Such efforts and similar efforts in the future that streamline
  the regulatory process may reduce the demand for our services.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parts of our PAREXEL Consulting and Medical Marketing Services business advises clients on how
  to satisfy regulatory standards for manufacturing processes and on other matters related to the
  enforcement of government regulations by the FDA and other regulatory bodies. Any reduction in
  levels of review of manufacturing processes or levels of regulatory enforcement, generally, would
  result in fewer business opportunities for our business in this area. As a result of lower level of
  FDA enforcement activities over the last two years, PAREXEL Consulting and Medical Marketing
  Services experienced a decline in the group&#146;s good manufacturing practice consulting business,
  which adversely affected the business unit.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IF WE FAIL TO COMPLY WITH EXISTING REGULATIONS, OUR REPUTATION AND OPERATING RESULTS WOULD BE
  HARMED</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business is subject to numerous governmental regulations, primarily relating to
  pharmaceutical product development and the conduct of clinical trials. If we fail to comply with
  these governmental regulations, it could result in the termination of our ongoing research,
  development or sales and marketing projects, or the disqualification of data for submission to
  regulatory authorities. We also could be barred from providing clinical trial services in the
  future or could be subjected to fines. Any of these consequences would harm our reputation, our
  prospects for future work and our operating results. In addition, we may have to repeat research or
  redo trials. We may be contractually required to take such action at no further cost to the
  customer, but at substantial cost to us.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WE MAY LOSE BUSINESS OPPORTUNITIES AS A RESULT OF HEALTH CARE REFORM AND THE EXPANSION OF MANAGED
  CARE ORGANIZATIONS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Numerous governments, including the U.S. government and governments outside of the U.S., have
  undertaken efforts to control growing health care costs through legislation, regulation and
  voluntary agreements with medical care providers and drug companies. If these efforts are
  successful, pharmaceutical, medical device and biotechnology companies may react by spending less
  on research and development. If this were to occur, we would have fewer business opportunities and
  our revenues could decrease, possibly materially.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For instance, in the past the U.S. Congress has entertained several comprehensive health care
  reform proposals. The proposals were generally intended to expand health care coverage for the
  uninsured and reduce the growth of total health care expenditures. While the U.S. Congress has not
  yet adopted any
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 6 -
  </DIV>
  
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">comprehensive reform proposals, members of Congress may raise similar proposals in
  the future. We are unable to predict the likelihood that health care reform proposals will be
  enacted into law.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to health care reform proposals, the expansion of managed care organizations in
  the healthcare market may result in reduced spending on research and development. Managed care
  organizations&#146; efforts to cut costs by limiting expenditures on pharmaceuticals and medical devices
  could result in pharmaceutical, biotechnology and medical device companies spending less on
  research and development. If this were to occur, we would have fewer business opportunities and our
  revenues could decrease, possibly materially.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NEW AND PROPOSED LAWS AND REGULATIONS REGARDING CONFIDENTIALITY OF PATIENT INFORMATION COULD RESULT
  IN INCREASED RISKS OF LIABILITY OR INCREASED COSTS TO US, OR COULD LIMIT OUR SERVICE OFFERINGS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The confidentiality and release of patient-specific information are subject to government
  regulation. Under the Health Insurance Portability and Accountability Act of 1996, the U.S.
  Department of Health and Human Services has issued regulations mandating heightened privacy and
  confidentiality protections. The federal government and state governments have proposed or adopted
  additional legislation governing the possession, use and dissemination of medical record
  information and other personal health information. Proposals being considered by state governments
  may contain privacy and security provisions that are more burdensome than the federal regulations.
  In order to comply with these regulations, we may need to implement new security measures, which
  may require us to make substantial expenditures or cause us to limit the products and services we
  offer. In addition, if we violate applicable laws, regulations or duties relating to the use,
  privacy or security of health information, we could be subject to civil or criminal liability.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IF WE DO NOT KEEP PACE WITH RAPID TECHNOLOGICAL CHANGES, OUR PRODUCTS AND SERVICES MAY BECOME LESS
  COMPETITIVE OR OBSOLETE, ESPECIALLY IN OUR PERCEPTIVE INFORMATICS BUSINESS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The biotechnology, pharmaceutical and medical device industries generally, and clinical
  research specifically, are subject to increasingly rapid technological changes. Our competitors or
  others might develop technologies, products or services that are more effective or commercially
  attractive than our current or future technologies, products or services, or render our
  technologies, products or services less competitive or obsolete. If competitors introduce superior
  technologies, products or services and we cannot make enhancements to our technologies, products
  and services necessary to remain competitive, our competitive position will be harmed. If we are
  unable to compete successfully, we may lose customers or be unable to attract new customers, which
  could lead to a decrease in our revenue.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BECAUSE WE DEPEND ON A SMALL NUMBER OF INDUSTRIES AND CLIENTS FOR ALL OF OUR BUSINESS, THE LOSS OF
  BUSINESS FROM A SIGNIFICANT CLIENT COULD HARM OUR BUSINESS, REVENUE, AND FINANCIAL CONDITION</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The loss of, or a material reduction in the business of, a significant client could cause a
  substantial decrease in our revenue and adversely affect our business and financial condition,
  possibly materially. In the fiscal year ended June&nbsp;30, 2005, our five largest clients accounted for
  25% of our consolidated service revenue, although no single client accounted for 10% or more of
  consolidated service revenue. In the fiscal year ended June&nbsp;30, 2004, our five largest clients
  accounted for 30% of our
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 7 -
  </DIV>
  
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">consolidated service revenue, although no single client accounted for 10%
  or more of consolidated service revenue. We expect that a small number of clients will continue to
  represent a significant part of our revenue. Our contracts with these clients generally can be
  terminated on short notice. We have in the past experienced contract cancellations with significant
  clients.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IF OUR PERCEPTIVE INFORMATICS BUSINESS IS UNABLE TO MAINTAIN CONTINUOUS, EFFECTIVE, RELIABLE AND
  SECURE OPERATION OF ITS COMPUTER HARDWARE, SOFTWARE AND INTERNET APPLICATIONS AND RELATED TOOLS AND
  FUNCTIONS, ITS BUSINESS WILL BE HARMED</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Perceptive Informatics business involves collecting, managing, manipulating and analyzing
  large amounts of data, and communicating data via the Internet. In our Perceptive Informatics
  business we depend on the continuous, effective, reliable and secure operation of computer
  hardware, software, networks, telecommunication networks, Internet servers and related
  infrastructure. If the hardware or software malfunctions or access to data by internal research
  personnel or customers through the Internet is interrupted, our Perceptive Informatics business
  could suffer. In addition, any sustained disruption in Internet access provided by third parties
  could adversely impact our Perceptive Informatics business.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the computer and communications hardware used in our Perceptive Informatics business
  is protected through physical and software safeguards, it is still vulnerable to fire, storm,
  flood, power loss, earthquakes, telecommunications failures, physical or software break-ins, and
  similar events. In addition, the Perceptive Informatics software products are complex and
  sophisticated, and could contain data, design or software errors that could be difficult to detect
  and correct. If Perceptive fails to maintain and further develop the necessary computer capacity
  and data to support the needs of our Perceptive Informatics customers, it could result in loss of
  or delay in revenue and market acceptance.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IF WE ARE UNABLE TO ATTRACT SUITABLE WILLING VOLUNTEERS FOR THE CLINICAL TRIALS OF OUR CLIENTS, OUR
  CLINICAL RESEARCH SERVICES BUSINESS MAY SUFFER</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One of the factors on which our Clinical Research Services business competes is the ability to
  recruit patients for the clinical studies we are managing. These clinical trials rely upon the
  ready accessibility and willing participation of volunteer subjects. These subjects generally
  include volunteers from the communities in which the studies are conducted. Although to date these
  communities have provided a substantial pool of potential subjects for research studies, there may
  not be enough patients available with the traits necessary to conduct the studies. For example, if
  we manage a study for a treatment of a particular type of cancer, our ability to conduct the study
  may be limited by the number of patients that we can recruit that have that form of cancer. If
  multiple organizations are conducting similar studies and competing for patients, it could also
  make our recruitment efforts more difficult. If we were unable to attract suitable and willing
  volunteers on a consistent basis, it would have an adverse effect on the trials being managed by
  our Clinical Research Service business, which could have a material adverse effect on our Clinical
  Research Service business.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IF OUR HIGHLY QUALIFIED MANAGEMENT AND TECHNICAL PERSONNEL LEFT, OUR BUSINESS WOULD BE HARMED</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We rely on the expertise of our Chairman and Chief Executive Officer, Josef H. von Rickenbach.
  If Mr. von Rickenbach left, it would be difficult and expensive to find a qualified replacement
  with the level of specialized knowledge of our products and services and the bio/pharmaceutical
  services industry.
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 8 -
  </DIV>
  
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are a party to an employment agreement with Mr. von Rickenbach, which may be
  terminated by us or Mr. von Rickenbach upon notice to the other party.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in order to compete effectively, we must attract and maintain qualified sales,
  professional, scientific and technical operating personnel. Competition for these skilled
  personnel, particularly those with a medical degree, a Ph.D. or equivalent degrees, is intense. We
  may not be successful in attracting or retaining key personnel.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WE MAY HAVE SUBSTANTIAL EXPOSURE TO PAYMENT OF PERSONAL INJURY CLAIMS AND MAY NOT HAVE ADEQUATE
  INSURANCE TO COVER SUCH CLAIMS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Clinical Research Services business primarily involves the testing of experimental drugs
  and medical devices on consenting human volunteers pursuant to a study protocol. Clinical research
  involves a risk of liability for personal injury or death to patients who participate in the study
  or who use a product approved by regulatory authorities after the clinical research has concluded,
  due to, among other reasons, possible unforeseen adverse side effects or improper administration of
  the drug or device by physicians. In some cases, these patients are already seriously ill and are
  at risk of further illness or death.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to mitigate the risk of liability, we seek to include indemnity provisions in our
  Clinical Research Services contracts with clients and with investigators. However, we are not able
  to include indemnity provisions in all of our contracts. The indemnity provisions we include in
  these contracts would not cover our exposure if:
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>we had to pay damages or incur defense costs in connection
  with a claim that is outside the scope of an indemnity; or</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>a client failed to indemnify us in accordance with the
  terms of an indemnity agreement because it did not have
  the financial ability to fulfill its indemnification
  obligation or for any other reason.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also carry insurance to cover our risk of liability. However, our insurance is subject
  to deductibles and coverage limits and may not be adequate to cover claims. In addition, liability
  coverage is expensive. In the future, we may not be able to maintain or obtain liability insurance
  on reasonable terms, at a reasonable cost or in sufficient amounts to protect us against losses due
  to claims.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>OUR BUSINESS IS SUBJECT TO INTERNATIONAL ECONOMIC, POLITICAL AND OTHER RISKS THAT COULD NEGATIVELY
  AFFECT OUR RESULTS OF OPERATIONS OR FINANCIAL POSITION</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide most of our services on a worldwide basis. Our service revenue from non-U.S.
  operations represented approximately 64.4% of total consolidated service revenue for the six months
  ended December&nbsp;31, 2005 and approximately 61.5% of total consolidated service revenue for the six
  months ended December&nbsp;31, 2004. In addition, our service revenue from operations in the United
  Kingdom represented approximately 17.8% of total consolidated service revenue for the six months
  ended December&nbsp;31, 2005 and approximately 20.3% of total consolidated service revenue for the six
  months ended December&nbsp;31, 2004. Our service revenue from operations in Germany represented
  approximately 19.8% of total consolidated service revenue for the six months ended December&nbsp;31,
  2005 and approximately 18.3% of total consolidated service revenue for the six months ended
  December&nbsp;31, 2004. Accordingly, our business is subject to risks associated with doing business
  internationally, including:
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 9 -
  </DIV>
  
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>changes in a specific country&#146;s or region&#146;s political or economic conditions,
  including Western Europe, in particular;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>potential negative consequences from changes in tax laws affecting our ability to
  repatriate profits;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>difficulty in staffing and managing widespread operations;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>unfavorable labor regulations applicable to its European operations;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>changes in foreign currency exchange rates; and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>longer payment cycles of foreign customers and difficulty of collecting receivables in
  foreign jurisdictions.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>OUR OPERATING RESULTS HAVE FLUCTUATED BETWEEN QUARTERS AND YEARS AND MAY CONTINUE TO FLUCTUATE IN
  THE FUTURE, WHICH COULD AFFECT THE PRICE OF OUR COMMON STOCK</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our quarterly and annual operating results have varied and will continue to vary in the future
  as a result of a variety of factors. For example, our income (loss)&nbsp;from operations was $7.5
  million for the quarter ended December&nbsp;31, 2004, $7.5&nbsp;million for the quarter ended March&nbsp;31, 2005,
  $(23.7) million for the quarter ended June&nbsp;30, 2005, $5.0&nbsp;million for the quarter ended September
  30, 2005 and $10.6&nbsp;million for the quarter ended December&nbsp;31, 2005. Factors that cause these
  variations include:
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>the level of new business authorizations in a particular quarter or year;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>the timing of the initiation, progress, or cancellation of significant projects;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>exchange rate fluctuations between quarters or years;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>restructuring charges;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>the mix of services offered in a particular quarter or year;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>the timing of the opening of new offices;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>costs and the related financial impact of acquisitions;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>the timing of internal expansion;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>the timing and amount of costs associated with integrating acquisitions;</TD>
  </TR>
  
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>the timing and amount of startup costs incurred in connection with the introduction
  of new products, services or subsidiaries; and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>the dollar amount of changes in scope finalized during a
  particular period.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many of these factors, such as the timing of cancellations of significant projects and
  exchange rate fluctuations between quarters or years, are beyond our control.
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 10 -
  </DIV>
  
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately 65-70% of our operating costs are fixed in the short term. In particular, a
  significant portion of our operating costs relate to personnel, which are estimated to have
  accounted for 75-80% of our total operating costs in fiscal year 2005. As a result, the effect on
  our revenues of the timing of the completion, delay or loss of contracts, or the progress of client
  projects, could cause our operating results to vary substantially between reporting periods.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">If our operating results do not match the expectations of securities analysts and investors,
  the trading price of our common stock will likely decrease.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>OUR REVENUE AND EARNINGS ARE EXPOSED TO EXCHANGE RATE FLUCTUATIONS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately 64.4% of our total consolidated service revenue for the six months ended
  December&nbsp;31, 2005, and approximately 61.5% of our total consolidated service revenue for the six
  months ended December&nbsp;31, 2004 were from non-U.S. operations. Our financial statements are
  denominated in U.S. dollars. As a result, changes in foreign currency exchange rate, could have and
  have had a significant effect on our operating results. Exchange rate fluctuations between local
  currencies and the U.S. dollar create risk in several ways, including:
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD><U>Foreign Currency Translation Risk</U>. The revenue and expenses of our foreign
  operations are generally denominated in local currencies, primarily the British
  pound and the Euro, and then are translated into U.S. dollars for financial reporting
  purposes. For the six months ended December&nbsp;31, 2005, approximately 17.8% of total
  consolidated service revenue was denominated in British pounds and approximately 36.9% of
  total consolidated service revenue was denominated in Euros. For the six months ended
  December&nbsp;31, 2004, approximately 20.3% of total consolidated service revenue was
  denominated in British pounds and approximately 32.7% of total consolidated service revenue
  was denominated in Euros.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD><U>Foreign Currency Transaction Risk</U>. Our service contracts may be denominated
  in a currency other than the functional currency in which we performs the service related
  to such contracts.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we try to limit these risks through exchange rate fluctuation provisions stated in
  our service contracts, or by hedging transaction risk with foreign currency exchange contracts, we
  may still experience fluctuations in financial results from our operations outside of the U.S., and
  may not be able to favorably reduce the currency transaction risk associated with our service
  contracts.
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>OUR BUSINESS HAS EXPERIENCED SUBSTANTIAL EXPANSION IN THE PAST AND SUCH EXPANSION AND ANY FUTURE
  EXPANSION COULD STRAIN OUR RESOURCES IF NOT PROPERLY MANAGED</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have expanded our business substantially in the past. Future rapid expansion could strain
  our operational, human and financial resources. In order to manage expansion, we must:
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>continue to improve operating, administrative and information systems;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>accurately predict future personnel and resource needs to meet client contract
  commitments;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>track the progress of ongoing client projects; and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>attract and retain qualified management, sales, professional, scientific and
  technical operating personnel.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  <P align="center" style="font-size: 10pt">- 11 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  
  
  </TABLE>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we do not take these actions and are not able to manage the expanded business, the expanded
  business may be less successful than anticipated, and we may be required to allocate additional
  resources to the expanded business, which we would have otherwise allocated to another part of our
  business.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may face additional risks in expanding our foreign operations. Specifically, we may find
  it difficult to:
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>assimilate differences in foreign business practices, exchange rates and regulatory
  requirements;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>operate amid political and economic instability;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>hire and retain qualified personnel; and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>overcome language, tariff and other barriers.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WE MAY MAKE ACQUISITIONS IN THE FUTURE, WHICH MAY LEAD TO DISRUPTIONS TO OUR ONGOING BUSINESS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have made a number of acquisitions and will continue to review new acquisition
  opportunities. If we are unable to successfully integrate an acquired company, the acquisition
  could lead to disruptions to our business. The success of an acquisition will depend upon, among
  other things, our ability to:
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>assimilate the operations and services or products of the acquired company;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>integrate acquired personnel;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>retain and motivate key employees;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>retain customers; and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>minimize the diversion of management&#146;s attention from other business concerns.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Acquisitions of foreign companies may also involve additional risks, including assimilating
  differences in foreign business practices and overcoming language and cultural barriers.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that the operations of an acquired business do not meet our performance expectations,
  we may have to restructure the acquired business or write-off the value of some or all of the
  assets of the acquired business.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>OUR EFFECTIVE INCOME TAX RATE MAY FLUCTUATE FROM QUARTER-TO-QUARTER, WHICH MAY AFFECT EARNINGS AND
  EARNINGS PER SHARE</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our quarterly effective income tax rate is influenced by our projected profitability in the
  various taxing jurisdictions in which we operate. Changes in the distribution of profits and losses
  among taxing jurisdictions may have a significant impact on our effective income tax rate, which in
  turn could have a material adverse effect on our net income and earnings per share. Factors that
  affect the effective income tax rate include:
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 12 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>the requirement to exclude from our quarterly worldwide effective income tax
  calculations losses in jurisdictions where no tax benefit can be recognized;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>actual and projected full year pretax income;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>changes in tax laws in the various taxing jurisdictions;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>audits by the taxing authorities; and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>the establishment of valuation allowances against deferred tax assets if it is
  established that it is more likely than not that future tax benefits will not be realized.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>RISKS RELATED TO THIS OFFERING</B>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>OUR CORPORATE GOVERNANCE STRUCTURE, INCLUDING PROVISIONS OF OUR ARTICLES OF ORGANIZATION AND
  BY-LAWS AND OUR SHAREHOLDER RIGHTS PLAN, AND MASSACHUSETTS LAW MAY DELAY OR PREVENT A CHANGE IN
  CONTROL OR MANAGEMENT THAT STOCKHOLDERS MAY CONSIDER DESIRABLE</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions of our articles of organization, by-laws and our shareholder rights plan, as well
  as provisions of Massachusetts law, may enable our management to resist acquisition of us by a
  third party, or may discourage a third party from acquiring us. These provisions include the
  following:
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>we have divided our board of directors into three classes that serve staggered
  three-year terms;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>we are subject to Section&nbsp;8.06 of the Massachusetts Business Corporation Law which
  provides that directors may only be removed by stockholders for cause, vacancies in our
  board of directors may only be filled by a vote of our board of directors and the number of
  directors may be fixed only by our board of directors;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>we are subject to Chapter&nbsp;110F of the Massachusetts General Laws which limits our
  ability to engage in business combinations with certain interested stockholders;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>our stockholders are limited in their ability to call or introduce proposals at
  stockholder meetings; and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>our shareholder rights plan would cause a proposed acquirer of 20% or more of our
  outstanding shares of common stock to suffer significant dilution.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These provisions could have the effect of delaying, deferring, or preventing a change in
  control of us or a change in our management that stockholders may consider favorable or beneficial.
  These provisions could also discourage proxy contests and make it more difficult for stockholders
  to elect directors and take other corporate actions. These provisions could also limit the price
  that investors might be willing to pay in the future for shares of our stock. In addition, our
  Board of Directors may issue preferred stock in the future without stockholder approval. If our
  Board of Directors issues preferred stock, the holders of common stock would be subordinate to the
  rights of the holders of preferred stock. Our Board of Directors&#146; ability to issue the preferred
  stock could make it more difficult for a third party to acquire, or discourage a third party from
  acquiring, a majority of our stock.
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 13 -
  </DIV>
  
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  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>OUR STOCK PRICE HAS BEEN AND MAY IN THE FUTURE BE VOLATILE, WHICH COULD LEAD TO LOSSES BY INVESTORS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market price of our common stock has fluctuated widely in the past and may continue to do
  so in the future. On February&nbsp;8, 2006, the closing sale price of our common stock on the Nasdaq
  National Market was $24.02 per share. During the period from January&nbsp;1, 2004 to December&nbsp;31, 2005,
  the price of our common stock ranged from a high of $24.95 per share to a low of $15.87 per share.
  Investors in our common stock must be willing to bear the risk of such fluctuations in stock price
  and the risk that the value of an investment in our stock could decline.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our stock price can be affected by quarter-to-quarter variations in a number of factors
  including:
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>operating results;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>earnings estimates by analysts;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>market conditions in the industry;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>prospects of health care reform;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>changes in government regulations;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>general economic conditions, and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>our effective income tax rate.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the stock market has from time to time experienced significant price and volume
  fluctuations that are not related to the operating performance of particular companies. These
  market fluctuations may adversely affect the market price of our common stock. Since our common
  stock has traded in the past at a relatively high price-earnings multiple, due in part to analysts&#146;
  expectations of earnings growth, the price of the stock could quickly and substantially decline as
  a result of even a relatively small shortfall in earnings from, or a change in, analysts&#146;
  expectations.
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 14 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <DIV align="left">
  <A name="105"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus and the documents we incorporate by reference contain forward-looking
  statements within the meaning of Section&nbsp;27A of the Securities Act of 1933 and Section&nbsp;21E of the
  Securities Exchange Act of 1934. All statements, other than statements of historical facts,
  included or incorporated in this prospectus, such as statements regarding our strategy, future
  operations, financial position, future revenues, projected costs, prospects, plans and objectives
  of management, are forward-looking statements. The words &#147;anticipates,&#148; &#147;believes,&#148; &#147;estimates,&#148;
  &#147;expects,&#148; &#147;intends,&#148; &#147;may,&#148; &#147;plans,&#148; &#147;projects,&#148; &#147;will,&#148; &#147;would&#148; and similar expressions are
  intended to identify forward-looking statements, although not all forward-looking statements
  contain these identifying words. We cannot guarantee that we actually will achieve the plans,
  intentions or expectations disclosed in our forward-looking statements and you should not place
  undue reliance on our forward-looking statements. Actual results or events could differ materially
  from the plans, intentions and expectations disclosed in the forward-looking statements we make. We
  have included important factors in the cautionary statements included or incorporated in this
  prospectus, particularly under the heading &#147;Risk Factors&#148;, that we believe could cause actual
  results or events to differ materially from the forward-looking statements that we make. We do not
  assume any obligation to update any forward-looking statements.
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 15 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <DIV align="left">
  <A name="106"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from the sale of shares by the selling stockholders.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders will pay any underwriting discounts and commissions and expenses
  incurred by the selling stockholders for brokerage, accounting, tax or legal services or any other
  expenses incurred by the selling stockholders in disposing of the shares. We will bear all other
  costs, fees and expenses incurred in effecting the registration of the shares covered by this
  prospectus, including, without limitation, all registration and filing fees, Nasdaq listing fees
  and fees and expenses of our counsel and our accountants.
  </DIV>
  <DIV align="left">
  <A name="107"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SELLING STOCKHOLDERS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth: (i)&nbsp;the name of each selling stockholder whose name is known
  as of the date of the filing of this prospectus; (ii)&nbsp;his or her position(s), office or other
  material relationship with PAREXEL and its predecessors or affiliates, over the last three years;
  (iii)&nbsp;the number of shares of common stock owned (or subject to options or convertible securities)
  by each selling stockholder as of the date of this prospectus and prior to this offering; (iv)&nbsp;the
  number of shares of common stock which may be offered and are being registered for the account of
  each selling stockholder by this prospectus (all of which are subject to vesting requirements); and
  (v)&nbsp;the amount of common stock to be owned by each such selling stockholder if such selling
  stockholder were to sell all of their shares of common stock covered by this prospectus.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not know when or in what amounts a selling stockholder may offer shares for sale. The
  selling stockholders might not sell any or all of the shares offered by this prospectus. Because
  the selling stockholders may offer all or some of the shares pursuant to this offering, and because
  there are currently no agreements, arrangements or understandings with respect to the sale of any
  of the shares, we cannot estimate the number of the shares that will be held by the selling
  stockholders after completion of the offering. However, for purposes of this table, we have
  assumed that, after completion of the offering, none of the shares covered by this prospectus will
  be held by the selling stockholders.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial ownership is determined in accordance with the rules of the SEC and includes voting
  or investment power with respect to shares. Shares of common stock issuable under stock options
  that are exercisable within 60&nbsp;days after the date of this prospectus are deemed outstanding for
  computing the percentage ownership of the person holding the options but are not deemed outstanding
  for computing the percentage ownership of any other person. Unless otherwise indicated below, to
  our knowledge, all persons named in the table have sole voting and investment power with respect to
  their shares of common stock, except to the extent authority is shared by spouses under applicable
  law. The inclusion of any shares in this table does not constitute an admission of beneficial
  ownership for the person named below.
  </DIV>
  
  
  <P align="center" style="font-size: 10pt">- 16 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="20%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="15%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Number of</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Number of</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">Number of</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Shares/Percentage of</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Shares/Percentage of</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">Shares of</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Common Stock Owned</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Common Stock Prior to</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">Common</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">After the Offering (Both</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center">Name of Selling</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">Position with</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Offer (Both Held Directly</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">Stock to be</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Held Directly or</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Stockholder</TD>
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">PAREXEL</TD>
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">or Indirectly)(1)</TD>
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Offered</TD>
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Indirectly)(2)</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Number</TD>
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Percentage</TD>
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Number</TD>
      <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Percentage</TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom" style="background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">Josef H. von</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Chairman, Chief</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">523,387 (4)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">1.9%</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">73,000</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">450,387 (4)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">1.7%</TD>
  </TR>
  <TR valign="bottom" style="background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">Rickenbach</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Executive</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Officer, President</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">and Director (3)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em">
      <TD><DIV style="margin-left:15px; text-indent:-15px">A. Dana Callow, Jr.</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">123,334 (5)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">25,000</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">98,334 (5)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em; background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">A. Joseph Eagle</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">57,517 (6)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">25,000</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">32,517 (6)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em">
      <TD><DIV style="margin-left:15px; text-indent:-15px">Patrick J. Fortune</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">78,068 (7)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">25,000</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">53,068 (7)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em; background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">Richard L. Love</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">49,335 (8)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">25,000</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">24,335 (8)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em">
      <TD><DIV style="margin-left:15px; text-indent:-15px">Serge Okun</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">116,668 (9)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">25,000</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">91,668 (9)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em; background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">William U. Parfet</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">70,535 (10)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">25,000</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">45,535 (10)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em">
      <TD><DIV style="margin-left:15px; text-indent:-15px">Kurt A. Brykman</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">President,</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">89,000 (12)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">39,000</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">50,000 (12)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">PAREXEL</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consulting and</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Medical</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Marketing</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Services (11)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em; background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">Mark A. Goldberg</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">President,</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">73,337 (14)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">45,000</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">28,337 (14)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
  </TR>
  <TR valign="bottom" style="background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Clincial Research</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Services and</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Perceptive</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Informatics (13)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em">
      <TD><DIV style="margin-left:15px; text-indent:-15px">Ulf Schneider</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Senior Vice</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">163,913 (15)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">35,000</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">128,913 (15)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">President and</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Chief</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Administrative</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Officer</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="padding-top: 0em; background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">James F. Winschel, Jr.</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Senior Vice</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">219,640 (16)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">48,000</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">171,640 (16)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">*</TD>
  </TR>
  <TR valign="bottom" style="background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">President and</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Chief Financial</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="background: #cceeff">
      <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Officer</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  
  <DIV align="left">
  <DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
  </DIV>
  
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  <TR>
      <TD width="3%"></TD>
      <TD width="1%"></TD>
      <TD width="96%"></TD>
  </TR>
  
  <TR valign="top">
      <TD nowrap align="left">*</TD>
      <TD>&nbsp;</TD>
      <TD>Less than 1&nbsp;percent.</TD>
  </TR>
  
  </TABLE>
  
  
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" nowrap align="right">1.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>The inclusion herein of any shares of common stock deemed beneficially owned does not
  constitute an admission of beneficial ownership of such shares. The number of shares deemed
  beneficially owned by each person is determined under the rules of the SEC. Under these
  rules,</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  
  <P align="center" style="font-size: 10pt">- 17 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>beneficial ownership includes any shares issuable pursuant to stock options held by the
  respective person or group that may be exercised within 60&nbsp;days
  after February&nbsp;13, 2006,
  which we refer to herein as Presently Exercisable Stock Options. In calculating the
  percentage of shares of common stock beneficially owned by each person or entity listed, the
  number of shares of common stock deemed outstanding includes: (i)&nbsp;26,561,952 shares of
  common stock outstanding as of February&nbsp;8, 2006; and (ii)&nbsp;shares issuable pursuant to
  Presently Exercisable Stock Options, as set forth below.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">2.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Assumes that all shares to be offered, as set forth above, are sold pursuant to this
  offering and that no other shares of common stock are acquired or disposed of by the
  selling stockholders prior to the termination of this offering. Because the selling
  stockholders may sell all, some or none of their shares or may acquire or dispose of other
   shares of common stock, no reliable estimate can be made of the aggregate number of Shares
  that will be sold pursuant to this offering or the number or percentage of shares of common
  stock that each selling stockholder will own upon completion of this offering.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">3.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Mr. von Rickenbach has served as Director, Chairman of the Board and Chief Executive
  Officer since 1983 and has served as President since July&nbsp;2005. Mr. von Rickenbach also
  served as President from 1983 to April&nbsp;2001.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">4.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Includes 338,750 shares of common stock issuable pursuant to Presently Exercisable
  Stock Options.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">5.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Includes 98,334 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">6.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Includes 32,517 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">7.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Includes 49,499 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">8.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Includes 19,835 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">9.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Includes 87,668 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">10.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Includes 33,835 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">11.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Mr.&nbsp;Brykman has served as President, PAREXEL Consulting and Medical Marketing Services
  since June&nbsp;2005. From September&nbsp;2004 to June&nbsp;2005, he served as President, PAREXEL
  Consulting.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">12.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Includes 50,000 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">13.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Mr.&nbsp;Goldberg has served as President, Clinical Research Services since June&nbsp;2005 and
  President, Perceptive Informatics since July&nbsp;2000.</TD>
  </TR>
  
  
  </TABLE>
  </DIV>
  <P align="center" style="font-size: 10pt">- 18 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  
  
  </TABLE>
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">14.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Includes 25,225 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">15.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Includes 117,150 shares of common stock issuable pursuant to Presently Exercisable
  Stock Options.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="3%" style="background: transparent">&nbsp;</TD>
      <TD width="1%" nowrap align="left">16.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Includes 146,250 shares of common stock issuable pursuant to Presently Exercisable
  Stock Options, 200 shares of common stock owned by spouse and 5,652 shares of common stock
  held as custodian for children.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  <DIV align="left">
  <A name="108"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares covered by this prospectus may be offered and sold from time to time by the selling
  stockholders. The term &#147;selling stockholders&#148; includes donees, pledgees, transferees or other
  successors-in-interest selling shares received after the date of this prospectus from a selling
  stockholder as a gift, pledge, partnership distribution or other non-sale related transfer. The
  selling stockholders will act independently of us in making decisions with respect to the timing,
  manner and size of each sale. Such sales may be made on one or more exchanges or in the
  over-the-counter market or otherwise, at prices and under terms then prevailing or at prices
  related to the then current market price or in negotiated transactions. The selling stockholders
  may sell their shares by one or more of, or a combination of, the following methods:
  </DIV>
  
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>purchases by a broker-dealer as principal and resale by such broker-dealer for its
  own account pursuant to this prospectus;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>ordinary brokerage transactions and transactions in which the broker solicits
  purchasers;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>block trades in which the broker-dealer so engaged will attempt to sell the shares
  as agent but may position and resell a portion of the block as principal to facilitate
  the transaction;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>an over-the-counter distribution in accordance with the rules of the Nasdaq National
  Market;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>in privately negotiated transactions; and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>in options transactions.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, any shares that qualify for sale pursuant to Rule&nbsp;144 may be sold under Rule&nbsp;144
  rather than pursuant to this prospectus.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent required, this prospectus may be amended or supplemented from time to time to
  describe a specific plan of distribution. In connection with distributions of the shares or
  otherwise, the selling stockholders may enter into hedging transactions with broker-dealers or
  other financial institutions. In connection with such transactions, broker-dealers or other
  financial institutions may engage in short sales of the common stock in the course of hedging the
  positions they assume with selling stockholders. The selling stockholders may also sell the common
  stock short and redeliver the shares to close out such short positions. The selling stockholders
  may also enter into option or other transactions with broker-dealers or other financial
  institutions which require the delivery to such broker-dealer or other financial institution of
  shares offered by this prospectus, which shares such broker-dealer or other financial institution
  may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
  The selling stockholders may also pledge shares to a broker-dealer or other financial
  </DIV>
  
  
  
  <P align="center" style="font-size: 10pt">- 19 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">institution, and, upon a default, such broker-dealer or other financial institution, may effect
  sales of the pledged shares pursuant to this prospectus (as supplemented or amended to reflect such
  transaction).
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In effecting sales, broker-dealers or agents engaged by the selling stockholders may arrange
  for other broker-dealers to participate. Broker-dealers or agents may receive commissions,
  discounts or concessions from the selling stockholders in amounts to be negotiated immediately
  prior to the sale.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In offering the shares covered by this prospectus, the selling stockholders and any
  broker-dealers who execute sales for the selling stockholders may be deemed to be &#147;underwriters&#148;
  within the meaning of the Securities Act in connection with such sales. Any profits realized by
  the selling stockholders and the compensation of any broker-dealer may be deemed to be underwriting
  discounts and commissions.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to comply with the securities laws of certain states, if applicable, the shares must
  be sold in such jurisdictions only through registered or licensed brokers or dealers. In addition,
  in certain states the shares may not be sold unless they have been registered or qualified for sale
  in the applicable state or an exemption from the registration or qualification requirement is
  available and is complied with.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have advised the selling stockholders that the anti-manipulation rules of Regulation&nbsp;M
  under the Exchange Act may apply to sales of shares in the market and to the activities of the
  selling stockholders and their affiliates. In addition, we will make copies of this prospectus
  available to the selling stockholders for the purpose of satisfying the prospectus delivery
  requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer that
  participates in transactions involving the sale of the shares against certain liabilities,
  including liabilities arising under the Securities Act.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time a particular offer of shares is made, if required, a prospectus supplement will be
  distributed that will set forth the number of shares being offered and the terms of the offering,
  including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter,
  any discount, commission and other item constituting compensation, any discount, commission or
  concession allowed or reallowed or paid to any dealer, and the proposed selling price to the
  public.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed to indemnify the selling stockholders against certain liabilities, including
  certain liabilities under the Securities Act.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed with the selling stockholders to keep the registration statement of which this
  prospectus constitutes a part effective until the earlier of (i)&nbsp;such time as all of the shares
  covered by this prospectus have been disposed of pursuant to and in accordance with the
  registration statement or (ii)&nbsp;February&nbsp;13, 2008.
  </DIV>
  
  <DIV align="left">
  <A name="109"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the shares offered by this prospectus has been passed upon by Wilmer Cutler
  Pickering Hale and Dorr LLP.
  </DIV>
  
  <DIV align="left">
  <A name="110"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of PAREXEL International Corporation appearing in
  PAREXEL International Corporation&#146;s Annual Report (Form 10-K) for the year ended June&nbsp;30, 2005
  including schedules appearing therein, and PAREXEL International Corporation management&#146;s
  assessment of the effectiveness of internal control over financial reporting as of June&nbsp;30, 2005
  included therein, have been audited by Ernst &#038; Young LLP, independent registered public accounting
  firm, as set forth in their reports thereon, included therein, and incorporated herein by
  reference. Such consolidated
  </DIV>
  
  
  
  <P align="center" style="font-size: 10pt">- 20 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">financial statements and management&#146;s assessment are incorporated herein by reference in reliance
  upon such reports given on the authority of such firm as experts in accounting and auditing.
  </DIV>
  
  <DIV align="left">
  <A name="111"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file reports, proxy statements and other documents with the SEC. You may read and copy any
  document we file at the SEC&#146;s public reference room at 100 F Street, N.E., Room&nbsp;1580, Washington,
  D.C. 20549. You should call 1-800-SEC-0330 for more information on the public reference room. Our
  SEC filings are also available to you on the SEC&#146;s Internet site at www.sec.gov.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement that we filed with the SEC. The
  registration statement contains more information than this prospectus regarding us and our common
  stock, including certain exhibits and schedules. You can obtain a copy of the registration
  statement from the SEC at the address listed above or from the SEC&#146;s Internet site.
  </DIV>
  
  <DIV align="left">
  <A name="112"></A>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC requires us to &#147;incorporate&#148; into this prospectus information that we file with the
  SEC in other documents. This means that we can disclose important information to you by referring
  to other documents that contain that information. The information incorporated by reference is
  considered to be part of this prospectus. Information contained in this prospectus and information
  that we file with the SEC in the future and incorporate by reference in this prospectus
  automatically updates and supersedes previously filed information. We incorporate by reference the
  documents listed below and any future filings we make with the SEC under Sections&nbsp;13(a), 13(c), 14
  or 15(d) of the Exchange Act after the date of this prospectus and prior to the sale of all the
  shares covered by this prospectus.
  </DIV>
  
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left">1.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Our Annual Report on Form 10-K for the fiscal year ended June&nbsp;30, 2005 filed
  with the Securities and Exchange Commission on September&nbsp;8, 2005;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left">2.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Our Quarterly Report on Form 10-Q for the quarter ended September&nbsp;30, 2005
  filed with the Securities and Exchange Commission on November&nbsp;9, 2005;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left">3.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Our Quarterly Report on Form 10-Q for the quarter ended December&nbsp;31, 2005 filed
  with the Securities and Exchange Commission on February&nbsp;9, 2006;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left">4.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Our Current Report on Form 8-K filed with the Securities and Exchange
  Commission on October&nbsp;20, 2005;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left">5.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Our Current Report on Form 8-K filed with the Securities and Exchange
  Commission on December&nbsp;21, 2005;</TD>
  </TR>
  
  
  
  
  
  
  
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left">6.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Our Current Report on Form 8-K filed with the Securities and Exchange
  Commission on January&nbsp;25, 2006;</TD>
  </TR>
  
  
  
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left">7.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Our Definitive Proxy Materials for a regular meeting of stockholders filed with
  the Securities and Exchange Commission on October&nbsp;28, 2005;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left">8.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Our Additional Definitive Proxy Materials for a regular meeting of stockholders
  filed with the Securities and Exchange Commission on November&nbsp;17, 2005;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left">9.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>The description of our common stock contained in our Amended and Restated Form
  8-A dated March&nbsp;27, 2003, including any amendments or reports we file to update this
  description; and</TD>
  </TR>
  
  </TABLE>
  </DIV>
  <P align="center" style="font-size: 10pt">- 21 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  
  
  </TABLE>
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="5%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left">10.</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>The description of our rights to purchase preferred stock contained in our
  Amended and Restated Form 8-A dated March&nbsp;27, 2003, including any amendments or reports
  we file to update this description.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A statement contained in a document incorporated by reference into this prospectus shall be
  deemed to be modified or superceded for purposes of this prospectus to the extent that a statement
  contained in this prospectus, any prospectus supplement or in any other subsequently filed document
  which is also incorporated in this prospectus modifies or replaces such statement. Any statements
  so modified or superceded shall not be deemed, except as so modified or superceded, to constitute a
  part of this prospectus.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of these documents, which will be provided to you at no cost, by
  writing or telephoning us using the following contact information:
  </DIV>
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="30%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="65%">&nbsp;</TD>
  </TR>
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">PAREXEL International Corporation</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">200 West Street</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Waltham, Massachusetts 02451</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Attention: W. Brett Davis, Esq.</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Associate General Counsel</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Telephone: (781)&nbsp;487-9900</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
  </DIV>
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation Of Documents By Reference.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is subject to the informational and reporting requirements of Sections&nbsp;13(a),
  14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and in
  accordance therewith files reports, proxy statements and other information with the Securities and
  Exchange Commission (the &#147;Commission&#148;). The following documents, which are on file with the
  Commission, are incorporated in this Registration Statement by reference:
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The Registrant&#146;s latest annual report filed pursuant to Section 13(a) or 15(d) of the
  Exchange Act, or the latest prospectus filed pursuant to Rule 424(b) under the Securities Act that
  contains audited financial statements for the Registrant&#146;s latest fiscal year for which such
  statements have been filed.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the
  end of the fiscal year covered by the document referred to in (1)&nbsp;above.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;The description of the common stock of the Registrant, $.01 par value per share (the
  &#147;Common Stock&#148;), contained in a registration statement filed under the Exchange Act, including any
  amendment or report filed for the purpose of updating such description.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
  15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
  all shares of Common Stock offered hereby have been sold or which deregisters all shares of Common
  Stock
  </DIV>
  
  
  
  <P align="center" style="font-size: 10pt">- 22 -
  </DIV>
  
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  <P><HR noshade><P>
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">then remaining unsold, shall be deemed to be incorporated by reference herein and to be part
  hereof from the date of the filing of such documents. Any statement contained in a document
  incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
  superseded for purposes of this Registration Statement to the extent that a statement contained
  herein or in any other subsequently filed document which also is or is deemed to be incorporated by
  reference herein modifies or supersedes such statement. Any statement so modified or superseded
  shall not be deemed, except as so modified or superseded, to constitute a part of this Registration
  Statement.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.02(b)(4) of the Massachusetts Business Corporation Act (the &#147;MBCA&#148;) provides that a
  corporation may, in its articles of organization, eliminate or limit a director&#146;s personal
  liability to the corporation and its shareholders for monetary damages for breaches of fiduciary
  duty, except in circumstances involving (1)&nbsp;a breach of the director&#146;s duty of loyalty to the
  corporation or its shareholders, (2)&nbsp;acts or omissions not in good faith or which involve
  intentional misconduct or a knowing violation of law, (3)&nbsp;improper distributions, and (4)
  transactions from which the director derived an improper personal benefit.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.51 of the MBCA permits the Registrant to indemnify a director if the individual (1)
  acted in good faith, (2)&nbsp;reasonably believed that his or her conduct was (a)&nbsp;in the best interests
  of the corporation or (b)&nbsp;at least not opposed to the best interest of the corporation, and (3)&nbsp;in
  the case of a criminal proceeding, had no reasonable cause to believe his or her conduct was
  unlawful. Section&nbsp;8.51 also permits the Registrant to indemnify a director for conduct for which
  such individual is or would be exculpated under the charter provision referred to above, whether or
  not the director satisfied a particular standard of conduct. Section&nbsp;8.56 of the MBCA permits the
  Registrant to indemnify an officer (1)&nbsp;under those circumstances in which the corporation would be
  allowed to indemnify a director and (2)&nbsp;to such further extent as the corporation chooses provided
  that the liability does not arise out of acts or omissions not in good faith or which involve
  intentional misconduct or a knowing violation of law. This broader permissible indemnification for
  officers also is available for a director who is an officer if the individual becomes party to a
  proceeding on the basis of an act or omission solely as an officer. Section&nbsp;8.55 of the MBCA
  mandates that the determination that an award of indemnification is appropriate in a particular
  circumstance be made by (1)&nbsp;a majority vote of all disinterested directors or a majority of a
  committee of disinterested directors (in each case, if there are at least two disinterested
  directors), (2)&nbsp;special legal counsel, or (3)&nbsp;the shareholders.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6 of the Company&#146;s Restated Articles of Organization provides that the Registrant
  shall indemnify each person who is or was a director or officer of the Registrant, and each person
  who is or was serving or has agreed to serve at the request of the Registrant as a director or
  officer of, or in a similar capacity with, another organization against all liabilities, costs and
  expenses reasonably incurred by any such persons in connection with the defense or disposition of
  or otherwise in connection with or resulting from any action, suit or other proceeding in which
  they may be involved by reason of being or having been such a director or officer or by reason of
  any action taken or not taken in such capacity, except with
  </DIV>
  
  
  
  <P align="center" style="font-size: 10pt">- 23 -
  </DIV>
  
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">respect to any matter as to which such person shall have been finally adjudicated by a court
  of competent jurisdiction not to have acted in good faith in the reasonable belief that his or her
  action was in the best interests of the Registrant.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the final disposition of a proceeding involving a director or officer, Sections&nbsp;8.53
  and 8.56 of the MBCA allow the Registrant to pay for or reimburse reasonable expenses. As a
  condition, the director or officer must deliver a written undertaking to repay the funds if the
  individual is determined not to have met the relevant standard of conduct, which determination is
  made in the same manner as the determination of whether an individual is entitled to
  indemnification. This undertaking may be accepted without security and without regard to the
  individual&#146;s financial ability to make repayment. Another condition to advancement of expenses is
  that the individual submit a written affirmation of his or her good faith that he or she has met
  the standard of conduct necessary for indemnification (or that the matter involved conduct for
  which liability has been eliminated pursuant to the charter exculpation provision referred to
  above).
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;8.52 and 8.56(c) of the MBCA mandate indemnification for reasonable expenses,
  regardless of whether an individual has met a particular standard of conduct, in connection with
  proceedings in which a director or officer is wholly successful, on the merits or otherwise.
  Furthermore, Section&nbsp;8.54 of the MBCA provides that a court may direct a corporation to indemnify a
  director or officer if the court determines that (1)&nbsp;the director or officer is entitled to
  mandatory indemnification under the MBCA, (2)&nbsp;the director or officer is entitled to
  indemnification pursuant to a provision in the corporation&#146;s charter or bylaws or in a contract or
  a board or shareholder resolution, or (3)&nbsp;it is fair and reasonable to indemnify the director or
  officer, regardless of whether he or she met the relevant standard of conduct.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant maintains directors&#146; and officers&#146; liability insurance which may protect the
  Registrant&#146;s directors and officers against costs and liabilities imposed upon them in their roles
  with the Registrant, including in circumstances under which indemnification would not be permitted
  under the MBCA.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption From Registration Claimed.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuances of the Shares being offered by the Reoffer Prospectus were exempt from
  registration under the Securities Act in reliance upon Section&nbsp;4(2) of the Securities Act.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exhibit&nbsp;Index immediately preceding the exhibits is incorporated herein by reference.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;1.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U><I>Item&nbsp;512(a) of Regulation&nbsp;S-K</I></U>. The undersigned Registrant hereby undertakes:
  </DIV>
  
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
  amendment to this registration statement:
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 24 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date
  of the registration statement (or the most recent post-effective amendment thereof) which,
  individually or in the aggregate, represent a fundamental change in the information set
  forth in the registration statement. Notwithstanding the foregoing, any increase or
  decrease in the volume of securities offered (if the total dollar value of securities
  offered would not exceed that which was registered) and any deviation from the low or high
  end of the estimated maximum offering range may be reflected in the form of prospectus filed
  with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
  price represent no more than a 20&nbsp;percent change in the aggregate price set forth in the
  &#147;Calculation of Registration Fee&#148; table in the effective registration statement; and
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not
  previously disclosed in the registration statement or any material change to such
  information in the registration statement;
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>provided, however, </I>that paragraphs (i)&nbsp;and (ii)&nbsp;do not apply if the information required to
  be included in a post-effective amendment by those paragraphs is contained in periodic
  reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13
  or Section 15(d) of the Exchange Act that are incorporated by reference in the registration
  statement.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each
  such post-effective amendment shall be deemed to be a new registration statement relating to
  the securities offered therein, and the offering of such securities at that time shall be
  deemed to be the initial <I>bona fide </I>offering thereof.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
  securities being registered which remain unsold at the termination of the offering.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U><I>Item&nbsp;</I><I>512(b)</I><I> of Regulation&nbsp;S-K</I></U>. The undersigned Registrant hereby undertakes that,
  for purposes of determining any liability under the Securities Act, each filing of the registrant&#146;s
  annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated
  by reference in the registration statement shall be deemed to be a new registration statement
  relating to the securities offered therein, and the offering of such securities at that time shall
  be deemed to be the initial <I>bona fide </I>offering thereof.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U><I>Item&nbsp;</I><I>512(h)</I><I> of Regulation&nbsp;S-K</I></U>. Insofar as indemnification for liabilities arising
  under the Securities Act may be permitted to directors, officers and controlling persons of the
  registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
  in the opinion of the Securities and Exchange Commission such indemnification is against public
  policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
  claim for indemnification against such liabilities (other than the payment by the Registrant of
  expenses incurred or paid by a director, officer or controlling person of the registrant in the
  successful defense of any action, suit or proceeding) is asserted by such director, officer or
  controlling person in connection with the securities being registered, the registrant will, unless
  in the opinion of its counsel the matter has been settled by controlling precedent, submit to a
  court of appropriate jurisdiction the question whether such indemnification by it is against public
  policy as expressed in the Securities Act and will be governed by the final adjudication of such
  issue.
  </DIV>
  
  <P align="center" style="font-size: 10pt">- 25 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has
  reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
  duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
  duly authorized, in the city of Waltham, state of Massachusetts on
  this 13th day of February 2006.
  </DIV>
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="30%">&nbsp;</TD>
      <TD width="16%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="45%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="30%">&nbsp;</TD>
  </TR>
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3" valign="top" align="left">PAREXEL INTERNATIONAL CORPORATION</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">By:
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">/s/ Josef H. von Rickenbach</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR style="font-size: 1px">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Josef H. von Rickenbach</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Chairman and Chief Executive Officer</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY AND SIGNATURES</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned officers and Directors of PAREXEL International Corporation hereby
  severally constitute and appoint Josef H. von Rickenbach and James F. Winschel, Jr., and each of
  them singly, our true and lawful attorneys with full power to them, and each of them singly, to
  sign for us and in our names in the capacities indicated below, the Registration Statement on Form
  S-8 filed herewith and any and all subsequent amendments to said Registration Statement, and
  generally to do all such things in our names and behalf in our capacities as officers and directors
  to enable PAREXEL International Corporation to comply with all requirements of the Securities and
  Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by said
  attorneys, or any of them, to said Registration Statement and any and all amendments thereto.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
  been signed by the following persons in the capacities and on the dates indicated.
  </DIV>
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="28%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="30%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="18%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">SIGNATURE</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"  style="border-bottom: 1px solid #000000">TITLE</TD>
      <TD>&nbsp;</TD>
  
  <TD nowrap align="left"  style="border-bottom: 1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATE</TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
  
  <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<br>
  /s/&nbsp;Josef
  H. von Rickenbach<br>
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  Josef
  H. von Rickenbach
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;<br>Chairman and Chief Executive
  Officer and Director (principal executive
  officer)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;<br>February 13, 2006</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  
  <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<br>
  /s/&nbsp;James
  F. Winschel, Jr.
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  James
  F. Winschel, Jr.
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;<br>Senior Vice President and Chief
  Financial Officer (principal financial
  and accounting officer)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;<br>February 13, 2006</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  
  <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<br>
  /s/&nbsp;A.
  Dana Callow, Jr.
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  A.
  Dana Callow, Jr.
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;<br>Director&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;<br>February&nbsp;13, 2006</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  
  <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<br>
  /s/&nbsp;A.
  Joseph Eagle
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  A.
  Joseph Eagle
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;<br>Director&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;<br>February&nbsp;13, 2006</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  
  <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<br>
  /s/&nbsp;Patrick
  J. Fortune
  
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  Patrick
  J. Fortune
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;<br>Director&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;<br>February&nbsp;13, 2006</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  
  <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<br>
  /s/&nbsp;Richard
  L. Love
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  Richard
  L. Love
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;<br>Director&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;<br>February&nbsp;13, 2006</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <P align="center" style="font-size: 10pt">- 26 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="28%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="30%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="18%">&nbsp;</TD>
  </TR>
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Serge Okun
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  Serge Okun
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">February&nbsp;13, 2006</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William U. Parfet
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  William U. Parfet
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">February&nbsp;13, 2006</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <P align="center" style="font-size: 10pt">- 27 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
  </DIV>
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="8%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="65%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="left"><B>EXHIBIT</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="left"><U><B>NUMBER</B></U></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"  style="border-bottom: 1px solid #000000"><B>DESCRIPTION OF EXHIBIT</B></TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Amended and Restated Articles of Incorporation of the Registrant (filed as Exhibit&nbsp;3.1 to
  the Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended December&nbsp;31, 1996 and
  incorporated herein by this reference).</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Amended and Restated By-Laws of the Registrant (filed as Exhibit&nbsp;3.2 to the Registrant&#146;s
  Annual Report on Form&nbsp;10-K for the fiscal year ended June&nbsp;30, 2001 and incorporated herein by
  this reference).</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Specimen certificate representing the Common Stock of the Registrant (filed as Exhibit&nbsp;4.1
  to the Registrant&#146;s Registration Statement on Form&nbsp;S-1 (File No.&nbsp;33-97406) and incorporated
  herein by this reference).</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Rights Agreement dated March&nbsp;27, 2003 between the Registrant and Equiserve Trust Company, as
  Rights Agent, which includes as Exhibit&nbsp;A the Form of Certificate o f Vote of Series&nbsp;A Junior
  Participating Preferred Stock, as Exhibit&nbsp;B the Form of Rights Certificate and as Exhibit&nbsp;C
  the Summary of the Rights to Purchase Common Stock (filed as Exhibit&nbsp;4.1 to the Registrant&#146;s
  Current Report on Form&nbsp;8-K/A dated March&nbsp;31, 2003 and incorporated herein by this reference).</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Opinion of Wilmer Cutler Pickering Hale and Dorr LLP.</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in Exhibit&nbsp;5).</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Ernst &#038; Young LLP.</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Power of Attorney (included in the signature pages of this Registration Statement).</TD>
  </TR>
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  </DIV>
  
  
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  </DIV>
  
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  </HTML>
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text: sv8
  Table of Contents
  As filed with the Securities and Exchange Commission on February 13, 2006
  Registration No. 333-_____
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT UNDER
  THE SECURITIES ACT OF 1933
  PAREXEL International Corporation
  (Exact Name of Registrant as Specified in Its Charter)
  Massachusetts
  (State or Other Jurisdiction of Incorporation
  04-2776269
  (I.R.S. Employer
  or Organization)
  Identification No.)
  200 West Street
  02451
  Waltham, Massachusetts
  (Address of Principal Executive Offices)
  (Zip Code)
  2005 Stock Incentive Plan
  (Full Title of the Plan)
  W. Brett Davis
  Associate General Counsel & Assistant Secretary
  200 West Street
  Waltham, Massachusetts 02451
  (Name and Address of Agent For Service)
  (781) 487-9900
  (Telephone Number, Including Area Code, of Agent For Service)
  CALCULATION OF REGISTRATION FEE
  Proposed
  Proposed
  Maximum
  Maximum
  Title of Securities
  Amount to be
  Offering Price Per
  Aggregate Offering
  Amount of
  to be Registered
  Registered(1)
  Share
  Price
  Registration Fee
  Common Stock, $0.01
  par value per share
  (including the
  associated
  Preferred Stock
  Purchase Rights)
  1,000,000 shares
  $
  23.91
  (2)
  $
  23,910,000.00
  (2)
  $
  2,558.37
  (1)
  In accordance with Rule 416 under the Securities Act of 1933, as amended, this
  registration statement shall be deemed to cover any additional securities that may from time
  to time be offered or issued to prevent dilution resulting from stock splits, stock dividends
  or similar transactions.
  (2)
  Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c)
  and 457(h) of the Securities Act of 1933, as amended, and based upon the average of the high
  and low prices of the Registrant's Common Stock as reported on the Nasdaq National Market on
  February 8, 2006.
  Table of Contents
  EXPLANATORY NOTE
  The documents containing the information specified in the instructions to Part I of the Form
  S-8 will be sent or given to participants of PAREXEL's 2005 Stock Incentive Plan, referred to
  herein as the Plan, as required by Rule 428(b)(1) of the Securities Act of 1933. As permitted by
  the instructions to Part I of Form S-8, these documents are not filed with this registration
  statement.
  This registration statement on Form S-8 has been filed by PAREXEL in order to register an
  aggregate of one million (1,000,000) shares of common stock, $0.01 par value per share, issuable
  upon the exercise of stock options and/or issued or issuable in the form of restricted stock awards
  granted or to be granted under the Plan as follows:
  The first part of this registration statement contains a reoffer prospectus prepared in
  accordance with the requirements of Part I of Form S-3 with respect to 390,000 shares of restricted
  stock granted to our officers and directors pursuant to the Plan prior to the date hereof.
  The second part of this registration statement contains "Information Required in the
  Registration Statement" prepared in accordance with the requirements of Part II of Form S-8 with
  respect to the options and restricted stock that may be granted to non-affiliates subsequent to the
  date hereof.
  The information in this prospectus is not complete and may be changed. The selling
  stockholders named in this prospectus may not sell these securities until the registration
  statement filed with the Securities and Exchange Commission is effective. This prospectus is not
  an offer to sell these securities until the registration statement filed with the Securities and
  Exchange Commission is effective. This prospectus is not an offer to sell these securities and the
  selling stockholders named in this prospectus are not soliciting offers to buy these securities in
  any jurisdiction where the offer or sale is not permitted.
  -ii-
  Table of Contents
  PART I
  PROSPECTUS
  PAREXEL International Corporation
  390,000 Shares of Common Stock
  Issued under 2005 Stock Incentive Plan
  This prospectus relates to the resale, from time to time, of up to 390,000 shares of common
  stock, $.01 par value, of PAREXEL International, Inc., which we previously issued to our officers
  and directors in the form of restricted stock grants. We issued these shares pursuant to our 2005
  Stock Incentive Plan, which is referred to herein as the Plan.
  We will not receive any proceeds from the sale of the shares.
  The selling stockholders identified in this prospectus, or their pledgees, donees, transferees
  or other successors-in-interest, may offer the shares from time to time through public or private
  transactions at prevailing market prices, at prices related to prevailing market prices or at
  privately negotiated prices.
  Our common stock is traded on the Nasdaq National Market under the symbol "PRXL." On February
  8, 2006, the closing sale price of the common stock on Nasdaq was $24.02 per share. You are urged
  to obtain current market quotations for the common stock.
  Investing in our Common Stock involves a high degree of risk. See "Risk Factors"
  beginning on page 4.
  Neither the Securities and Exchange Commission nor any state securities commission has
  approved or disapproved of these securities or determined if this Prospectus is truthful or
  complete. Any representation to the contrary is a criminal offense.
  The date of this Prospectus is February 13, 2006.
  TABLE OF CONTENTS
  PROSPECTUS SUMMARY
  3
  PAREXEL INTERNATIONAL CORPORATION
  3
  THE OFFERING
  4
  RISK FACTORS
  4
  SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
  15
  USE OF PROCEEDS
  16
  SELLING STOCKHOLDERS
  16
  PLAN OF DISTRIBUTION
  19
  LEGAL MATTERS
  20
  EXPERTS
  20
  WHERE YOU CAN FIND MORE INFORMATION
  21
  INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
  21
  Ex-5.1 Opinion of Wilmer Cutler Pickering Hale and Dorr LLP
  Ex-23.2 Consent of Ernst & Young LLP
  We have not authorized anyone to provide you with information different from that contained or
  incorporated by reference in this prospectus. The selling stockholders are offering to sell, and
  seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are
  permitted. The information contained in this prospectus is accurate only as of the date of this
  prospectus, regardless of the time of delivery of this prospectus or of any sale of common stock.
  Except where the context otherwise indicates, all references to "PAREXEL," "us" or "we"
  include all present and future parents or subsidiaries of PAREXEL International Corporation as
  defined in Sections 424(e) and 424(f) of the Internal Revenue Code and any other business venture
  in which we have a controlling interest as determined by our board of directors.
  Table of Contents
  PROSPECTUS SUMMARY
  This prospectus is part of a registration statement on Form S-8 filed by us with the
  Securities and Exchange Commission, or SEC, to register 1,000,000 shares or our common stock,
  issuable upon the exercise of stock options granted under the Plan or issued or issuable pursuant
  to restricted stock awards granted or to be granted under the Plan. This prospectus does not
  contain all of the information set forth in the registration statement, certain parts of which are
  omitted in accordance with the rules and regulations of the SEC. Accordingly, you should refer to
  the registration statement and its exhibits for further information about us and our common stock.
  Copies of the registration statement and its exhibits are on file with the SEC. Statements
  contained in this prospectus concerning the documents we have filed with the SEC are not intended
  to be comprehensive, and in each instance we refer you to the copy of the actual document filed as
  an exhibit to the registration statement or otherwise filed with the SEC.
  PAREXEL INTERNATIONAL CORPORATION
  We are a leading biopharmaceutical services company, providing a broad range of contract
  research, medical marketing, consulting and technology products and services to the worldwide
  pharmaceutical, biotechnology and medical device industries. Our product and service offerings
  include:
  –
  clinical trials management,
  –
  data management,
  –
  biostatistical analysis,
  –
  medical marketing,
  –
  clinical pharmacology,
  –
  regulatory and medical consulting,
  –
  performance improvement,
  –
  industry training and publishing,
  –
  web-based portal solutions,
  –
  interactive voice response systems,
  –
  electronic data capture solutions,
  –
  medical diagnostics services, and
  –
  other drug development consulting services.
  We were incorporated in the Commonwealth of Massachusetts in 1983. Our principal executive
  offices are located at 200 West Street, Waltham, Massachusetts 02451 and our telephone number is
  (781) 487-9900.
  - 3 -
  Table of Contents
  THE OFFERING
  Common Stock offered by selling
  stockholders
  390,000 shares
  Use of proceeds
  PAREXEL will not receive any proceeds
  from the sale of shares in this
  offering
  Nasdaq National Market symbol
  PRXL
  RISK FACTORS
  Investing in our common stock involves a high degree of risk. You should carefully consider
  the following risk factors in addition to the other information included or incorporated by
  reference in this prospectus before purchasing our common stock. If any of the following risks
  actually occur, our business, financial condition or results of operations would likely suffer. In
  that case, the trading price of our common stock could fall, and you may lose all or part of the
  money you paid to buy our common stock.
  RISKS RELATING TO OUR BUSINESS, STRATEGY AND INDUSTRY
  THE LOSS, MODIFICATION, OR DELAY OF LARGE OR MULTIPLE CONTRACTS MAY NEGATIVELY IMPACT OUR FINANCIAL
  PERFORMANCE
  Our clients generally can terminate their contracts with us upon 30 to 60 days notice or can
  delay the execution of services. The loss or delay of a large contract or the loss or delay of
  multiple contracts could adversely affect our operating results, possibly materially. We have in
  the past experienced contract cancellations, which have adversely affected our operating results,
  including a major Phase III cancellation during the first quarter of the fiscal year ending June
  30, 2005.
  Clients terminate or delay their contracts for a variety of reasons, including, but not limited to:
  –
  merger or potential merger related activities;
  –
  failure of products being tested to satisfy safety requirements;
  –
  failure of products being tested to prove effective;
  –
  products having unexpected or undesired clinical results;
  –
  client decisions to forego a particular study, perhaps for economic reasons;
  –
  insufficient patient enrollment in a study;
  –
  insufficient investigator recruitment;
  –
  production problems which cause shortages of the product;
  –
  product withdrawal following market launch; and
  - 4 -
  Table of Contents
  –
  manufacturing facility shut down.
  In addition, we believe that companies regulated by the Food and Drug Administration, or FDA,
  may proceed with fewer clinical trials or conduct them without the assistance of bio/pharmaceutical
  services companies if they are trying to reduce costs as a result of budgetary limits or changing
  priorities. These factors may cause such companies to cancel contracts with bio/pharmaceutical
  services companies.
  WE FACE INTENSE COMPETITION IN MANY AREAS OF OUR BUSINESS; IF WE DO NOT COMPETE EFFECTIVELY, OUR
  BUSINESS WILL BE HARMED
  The bio/pharmaceutical services industry is highly competitive and we face numerous
  competitors in many areas of our business. If we fail to compete effectively we may lose clients,
  which would cause our business to suffer.
  We primarily compete against in-house departments of pharmaceutical companies, other full
  service clinical research organizations, CROs, small specialty CROs, and to a lesser extent,
  universities, teaching hospitals, and other site organizations. Some of the larger CROs against
  which we compete include Quintiles Transnational Corporation, Covance, Inc. and Pharmaceutical
  Product Development Inc. In addition, our PAREXEL Consulting and Medical Marketing business also
  competes with a large and fragmented group of specialty service providers, including
  advertising/promotional companies, major consulting firms with pharmaceutical industry groups and
  smaller companies with pharmaceutical industry focus. Perceptive Informatics, Inc., our
  wholly-owned subsidiary, competes primarily with CROs, information technology companies and other
  software companies. Some of these competitors, including the in-house departments of pharmaceutical
  companies, have greater capital, technical and other resources than us. In addition, our
  competitors that are smaller specialized companies may compete effectively against us because of
  their concentrated size and focus.
  THE FIXED RATE NATURE OF OUR CONTRACTS COULD HURT OUR OPERATING RESULTS
  Approximately 85.0% of our contracts are fixed rate. If we fail to adequately price our
  contracts or if we experience significant cost overruns, our gross margins on the contract would be
  reduced and we could lose money on contracts. In the past, we have had to commit unanticipated
  resources to complete projects, resulting in lower gross margins on those projects. We might
  experience similar situations in the future.
  IF GOVERNMENTAL REGULATION OF THE DRUG, MEDICAL DEVICE AND BIOTECHNOLOGY INDUSTRY CHANGES, THE NEED
  FOR OUR SERVICES COULD DECREASE
  Governmental regulation of the drug, medical device and biotechnology product development
  process is complicated, extensive, and demanding. A large part of our business involves assisting
  pharmaceutical and biotechnology companies through the regulatory approval process. Changes in
  regulations, that, for example, streamline procedures or relax approval standards, could eliminate
  or reduce the need for our services. If companies regulated by the FDA or similar foreign
  regulatory
  - 5 -
  Table of Contents
  authorities needed fewer of our services, we would have fewer business opportunities and
  our revenues would decrease, possibly materially.
  In the U.S., the FDA and the Congress have attempted to streamline the regulatory process by
  providing for industry user fees that fund the hiring of additional reviewers and better management
  of the regulatory review process. In Europe, governmental authorities have approved common
  standards for clinical testing of new drugs throughout the European Union by adopting standards for
  good clinical practice, or GCP, and by making the clinical trial application and approval process
  more uniform across member states starting in May 2004. The FDA has had GCP in place as a
  regulatory standard and requirement for new drug approval for many years and Japan adopted GCP in
  1998. The U.S., Europe and Japan have also collaborated in the 15-year-long International
  Conference on Harmonisation, or ICH, the purpose of which is to eliminate duplicative or
  conflicting regulations in the three regions. The ICH partners have agreed upon a common format
  (the Common Technical Document) for new drug marketing applications that eliminates the need to
  tailor the format to each region. Such efforts and similar efforts in the future that streamline
  the regulatory process may reduce the demand for our services.
  Parts of our PAREXEL Consulting and Medical Marketing Services business advises clients on how
  to satisfy regulatory standards for manufacturing processes and on other matters related to the
  enforcement of government regulations by the FDA and other regulatory bodies. Any reduction in
  levels of review of manufacturing processes or levels of regulatory enforcement, generally, would
  result in fewer business opportunities for our business in this area. As a result of lower level of
  FDA enforcement activities over the last two years, PAREXEL Consulting and Medical Marketing
  Services experienced a decline in the group's good manufacturing practice consulting business,
  which adversely affected the business unit.
  IF WE FAIL TO COMPLY WITH EXISTING REGULATIONS, OUR REPUTATION AND OPERATING RESULTS WOULD BE
  HARMED
  Our business is subject to numerous governmental regulations, primarily relating to
  pharmaceutical product development and the conduct of clinical trials. If we fail to comply with
  these governmental regulations, it could result in the termination of our ongoing research,
  development or sales and marketing projects, or the disqualification of data for submission to
  regulatory authorities. We also could be barred from providing clinical trial services in the
  future or could be subjected to fines. Any of these consequences would harm our reputation, our
  prospects for future work and our operating results. In addition, we may have to repeat research or
  redo trials. We may be contractually required to take such action at no further cost to the
  customer, but at substantial cost to us.
  WE MAY LOSE BUSINESS OPPORTUNITIES AS A RESULT OF HEALTH CARE REFORM AND THE EXPANSION OF MANAGED
  CARE ORGANIZATIONS
  Numerous governments, including the U.S. government and governments outside of the U.S., have
  undertaken efforts to control growing health care costs through legislation, regulation and
  voluntary agreements with medical care providers and drug companies. If these efforts are
  successful, pharmaceutical, medical device and biotechnology companies may react by spending less
  on research and development. If this were to occur, we would have fewer business opportunities and
  our revenues could decrease, possibly materially.
  For instance, in the past the U.S. Congress has entertained several comprehensive health care
  reform proposals. The proposals were generally intended to expand health care coverage for the
  uninsured and reduce the growth of total health care expenditures. While the U.S. Congress has not
  yet adopted any
  - 6 -
  Table of Contents
  comprehensive reform proposals, members of Congress may raise similar proposals in
  the future. We are unable to predict the likelihood that health care reform proposals will be
  enacted into law.
  In addition to health care reform proposals, the expansion of managed care organizations in
  the healthcare market may result in reduced spending on research and development. Managed care
  organizations' efforts to cut costs by limiting expenditures on pharmaceuticals and medical devices
  could result in pharmaceutical, biotechnology and medical device companies spending less on
  research and development. If this were to occur, we would have fewer business opportunities and our
  revenues could decrease, possibly materially.
  NEW AND PROPOSED LAWS AND REGULATIONS REGARDING CONFIDENTIALITY OF PATIENT INFORMATION COULD RESULT
  IN INCREASED RISKS OF LIABILITY OR INCREASED COSTS TO US, OR COULD LIMIT OUR SERVICE OFFERINGS
  The confidentiality and release of patient-specific information are subject to government
  regulation. Under the Health Insurance Portability and Accountability Act of 1996, the U.S.
  Department of Health and Human Services has issued regulations mandating heightened privacy and
  confidentiality protections. The federal government and state governments have proposed or adopted
  additional legislation governing the possession, use and dissemination of medical record
  information and other personal health information. Proposals being considered by state governments
  may contain privacy and security provisions that are more burdensome than the federal regulations.
  In order to comply with these regulations, we may need to implement new security measures, which
  may require us to make substantial expenditures or cause us to limit the products and services we
  offer. In addition, if we violate applicable laws, regulations or duties relating to the use,
  privacy or security of health information, we could be subject to civil or criminal liability.
  IF WE DO NOT KEEP PACE WITH RAPID TECHNOLOGICAL CHANGES, OUR PRODUCTS AND SERVICES MAY BECOME LESS
  COMPETITIVE OR OBSOLETE, ESPECIALLY IN OUR PERCEPTIVE INFORMATICS BUSINESS
  The biotechnology, pharmaceutical and medical device industries generally, and clinical
  research specifically, are subject to increasingly rapid technological changes. Our competitors or
  others might develop technologies, products or services that are more effective or commercially
  attractive than our current or future technologies, products or services, or render our
  technologies, products or services less competitive or obsolete. If competitors introduce superior
  technologies, products or services and we cannot make enhancements to our technologies, products
  and services necessary to remain competitive, our competitive position will be harmed. If we are
  unable to compete successfully, we may lose customers or be unable to attract new customers, which
  could lead to a decrease in our revenue.
  BECAUSE WE DEPEND ON A SMALL NUMBER OF INDUSTRIES AND CLIENTS FOR ALL OF OUR BUSINESS, THE LOSS OF
  BUSINESS FROM A SIGNIFICANT CLIENT COULD HARM OUR BUSINESS, REVENUE, AND FINANCIAL CONDITION
  The loss of, or a material reduction in the business of, a significant client could cause a
  substantial decrease in our revenue and adversely affect our business and financial condition,
  possibly materially. In the fiscal year ended June 30, 2005, our five largest clients accounted for
  25% of our consolidated service revenue, although no single client accounted for 10% or more of
  consolidated service revenue. In the fiscal year ended June 30, 2004, our five largest clients
  accounted for 30% of our
  - 7 -
  Table of Contents
  consolidated service revenue, although no single client accounted for 10%
  or more of consolidated service revenue. We expect that a small number of clients will continue to
  represent a significant part of our revenue. Our contracts with these clients generally can be
  terminated on short notice. We have in the past experienced contract cancellations with significant
  clients.
  IF OUR PERCEPTIVE INFORMATICS BUSINESS IS UNABLE TO MAINTAIN CONTINUOUS, EFFECTIVE, RELIABLE AND
  SECURE OPERATION OF ITS COMPUTER HARDWARE, SOFTWARE AND INTERNET APPLICATIONS AND RELATED TOOLS AND
  FUNCTIONS, ITS BUSINESS WILL BE HARMED
  Our Perceptive Informatics business involves collecting, managing, manipulating and analyzing
  large amounts of data, and communicating data via the Internet. In our Perceptive Informatics
  business we depend on the continuous, effective, reliable and secure operation of computer
  hardware, software, networks, telecommunication networks, Internet servers and related
  infrastructure. If the hardware or software malfunctions or access to data by internal research
  personnel or customers through the Internet is interrupted, our Perceptive Informatics business
  could suffer. In addition, any sustained disruption in Internet access provided by third parties
  could adversely impact our Perceptive Informatics business.
  Although the computer and communications hardware used in our Perceptive Informatics business
  is protected through physical and software safeguards, it is still vulnerable to fire, storm,
  flood, power loss, earthquakes, telecommunications failures, physical or software break-ins, and
  similar events. In addition, the Perceptive Informatics software products are complex and
  sophisticated, and could contain data, design or software errors that could be difficult to detect
  and correct. If Perceptive fails to maintain and further develop the necessary computer capacity
  and data to support the needs of our Perceptive Informatics customers, it could result in loss of
  or delay in revenue and market acceptance.
  IF WE ARE UNABLE TO ATTRACT SUITABLE WILLING VOLUNTEERS FOR THE CLINICAL TRIALS OF OUR CLIENTS, OUR
  CLINICAL RESEARCH SERVICES BUSINESS MAY SUFFER
  One of the factors on which our Clinical Research Services business competes is the ability to
  recruit patients for the clinical studies we are managing. These clinical trials rely upon the
  ready accessibility and willing participation of volunteer subjects. These subjects generally
  include volunteers from the communities in which the studies are conducted. Although to date these
  communities have provided a substantial pool of potential subjects for research studies, there may
  not be enough patients available with the traits necessary to conduct the studies. For example, if
  we manage a study for a treatment of a particular type of cancer, our ability to conduct the study
  may be limited by the number of patients that we can recruit that have that form of cancer. If
  multiple organizations are conducting similar studies and competing for patients, it could also
  make our recruitment efforts more difficult. If we were unable to attract suitable and willing
  volunteers on a consistent basis, it would have an adverse effect on the trials being managed by
  our Clinical Research Service business, which could have a material adverse effect on our Clinical
  Research Service business.
  IF OUR HIGHLY QUALIFIED MANAGEMENT AND TECHNICAL PERSONNEL LEFT, OUR BUSINESS WOULD BE HARMED
  We rely on the expertise of our Chairman and Chief Executive Officer, Josef H. von Rickenbach.
  If Mr. von Rickenbach left, it would be difficult and expensive to find a qualified replacement
  with the level of specialized knowledge of our products and services and the bio/pharmaceutical
  services industry.
  - 8 -
  Table of Contents
  We are a party to an employment agreement with Mr. von Rickenbach, which may be
  terminated by us or Mr. von Rickenbach upon notice to the other party.
  In addition, in order to compete effectively, we must attract and maintain qualified sales,
  professional, scientific and technical operating personnel. Competition for these skilled
  personnel, particularly those with a medical degree, a Ph.D. or equivalent degrees, is intense. We
  may not be successful in attracting or retaining key personnel.
  WE MAY HAVE SUBSTANTIAL EXPOSURE TO PAYMENT OF PERSONAL INJURY CLAIMS AND MAY NOT HAVE ADEQUATE
  INSURANCE TO COVER SUCH CLAIMS
  Our Clinical Research Services business primarily involves the testing of experimental drugs
  and medical devices on consenting human volunteers pursuant to a study protocol. Clinical research
  involves a risk of liability for personal injury or death to patients who participate in the study
  or who use a product approved by regulatory authorities after the clinical research has concluded,
  due to, among other reasons, possible unforeseen adverse side effects or improper administration of
  the drug or device by physicians. In some cases, these patients are already seriously ill and are
  at risk of further illness or death.
  In order to mitigate the risk of liability, we seek to include indemnity provisions in our
  Clinical Research Services contracts with clients and with investigators. However, we are not able
  to include indemnity provisions in all of our contracts. The indemnity provisions we include in
  these contracts would not cover our exposure if:
  –
  we had to pay damages or incur defense costs in connection
  with a claim that is outside the scope of an indemnity; or
  –
  a client failed to indemnify us in accordance with the
  terms of an indemnity agreement because it did not have
  the financial ability to fulfill its indemnification
  obligation or for any other reason.
  We also carry insurance to cover our risk of liability. However, our insurance is subject
  to deductibles and coverage limits and may not be adequate to cover claims. In addition, liability
  coverage is expensive. In the future, we may not be able to maintain or obtain liability insurance
  on reasonable terms, at a reasonable cost or in sufficient amounts to protect us against losses due
  to claims.
  OUR BUSINESS IS SUBJECT TO INTERNATIONAL ECONOMIC, POLITICAL AND OTHER RISKS THAT COULD NEGATIVELY
  AFFECT OUR RESULTS OF OPERATIONS OR FINANCIAL POSITION
  We provide most of our services on a worldwide basis. Our service revenue from non-U.S.
  operations represented approximately 64.4% of total consolidated service revenue for the six months
  ended December 31, 2005 and approximately 61.5% of total consolidated service revenue for the six
  months ended December 31, 2004. In addition, our service revenue from operations in the United
  Kingdom represented approximately 17.8% of total consolidated service revenue for the six months
  ended December 31, 2005 and approximately 20.3% of total consolidated service revenue for the six
  months ended December 31, 2004. Our service revenue from operations in Germany represented
  approximately 19.8% of total consolidated service revenue for the six months ended December 31,
  2005 and approximately 18.3% of total consolidated service revenue for the six months ended
  December 31, 2004. Accordingly, our business is subject to risks associated with doing business
  internationally, including:
  - 9 -
  Table of Contents
  –
  changes in a specific country's or region's political or economic conditions,
  including Western Europe, in particular;
  –
  potential negative consequences from changes in tax laws affecting our ability to
  repatriate profits;
  –
  difficulty in staffing and managing widespread operations;
  –
  unfavorable labor regulations applicable to its European operations;
  –
  changes in foreign currency exchange rates; and
  –
  longer payment cycles of foreign customers and difficulty of collecting receivables in
  foreign jurisdictions.
  OUR OPERATING RESULTS HAVE FLUCTUATED BETWEEN QUARTERS AND YEARS AND MAY CONTINUE TO FLUCTUATE IN
  THE FUTURE, WHICH COULD AFFECT THE PRICE OF OUR COMMON STOCK
  Our quarterly and annual operating results have varied and will continue to vary in the future
  as a result of a variety of factors. For example, our income (loss) from operations was $7.5
  million for the quarter ended December 31, 2004, $7.5 million for the quarter ended March 31, 2005,
  $(23.7) million for the quarter ended June 30, 2005, $5.0 million for the quarter ended September
  30, 2005 and $10.6 million for the quarter ended December 31, 2005. Factors that cause these
  variations include:
  –
  the level of new business authorizations in a particular quarter or year;
  –
  the timing of the initiation, progress, or cancellation of significant projects;
  –
  exchange rate fluctuations between quarters or years;
  –
  restructuring charges;
  –
  the mix of services offered in a particular quarter or year;
  –
  the timing of the opening of new offices;
  –
  costs and the related financial impact of acquisitions;
  –
  the timing of internal expansion;
  –
  the timing and amount of costs associated with integrating acquisitions;
  –
  the timing and amount of startup costs incurred in connection with the introduction
  of new products, services or subsidiaries; and
  –
  the dollar amount of changes in scope finalized during a
  particular period.
  Many of these factors, such as the timing of cancellations of significant projects and
  exchange rate fluctuations between quarters or years, are beyond our control.
  - 10 -
  Table of Contents
  Approximately 65-70% of our operating costs are fixed in the short term. In particular, a
  significant portion of our operating costs relate to personnel, which are estimated to have
  accounted for 75-80% of our total operating costs in fiscal year 2005. As a result, the effect on
  our revenues of the timing of the completion, delay or loss of contracts, or the progress of client
  projects, could cause our operating results to vary substantially between reporting periods.
  If our operating results do not match the expectations of securities analysts and investors,
  the trading price of our common stock will likely decrease.
  OUR REVENUE AND EARNINGS ARE EXPOSED TO EXCHANGE RATE FLUCTUATIONS
  Approximately 64.4% of our total consolidated service revenue for the six months ended
  December 31, 2005, and approximately 61.5% of our total consolidated service revenue for the six
  months ended December 31, 2004 were from non-U.S. operations. Our financial statements are
  denominated in U.S. dollars. As a result, changes in foreign currency exchange rate, could have and
  have had a significant effect on our operating results. Exchange rate fluctuations between local
  currencies and the U.S. dollar create risk in several ways, including:
  –
  Foreign Currency Translation Risk
  . The revenue and expenses of our foreign
  operations are generally denominated in local currencies, primarily the British
  pound and the Euro, and then are translated into U.S. dollars for financial reporting
  purposes. For the six months ended December 31, 2005, approximately 17.8% of total
  consolidated service revenue was denominated in British pounds and approximately 36.9% of
  total consolidated service revenue was denominated in Euros. For the six months ended
  December 31, 2004, approximately 20.3% of total consolidated service revenue was
  denominated in British pounds and approximately 32.7% of total consolidated service revenue
  was denominated in Euros.
  –
  Foreign Currency Transaction Risk
  . Our service contracts may be denominated
  in a currency other than the functional currency in which we performs the service related
  to such contracts.
  Although we try to limit these risks through exchange rate fluctuation provisions stated in
  our service contracts, or by hedging transaction risk with foreign currency exchange contracts, we
  may still experience fluctuations in financial results from our operations outside of the U.S., and
  may not be able to favorably reduce the currency transaction risk associated with our service
  contracts.
  OUR BUSINESS HAS EXPERIENCED SUBSTANTIAL EXPANSION IN THE PAST AND SUCH EXPANSION AND ANY FUTURE
  EXPANSION COULD STRAIN OUR RESOURCES IF NOT PROPERLY MANAGED
  We have expanded our business substantially in the past. Future rapid expansion could strain
  our operational, human and financial resources. In order to manage expansion, we must:
  –
  continue to improve operating, administrative and information systems;
  –
  accurately predict future personnel and resource needs to meet client contract
  commitments;
  –
  track the progress of ongoing client projects; and
  –
  attract and retain qualified management, sales, professional, scientific and
  technical operating personnel.
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  Table of Contents
  If we do not take these actions and are not able to manage the expanded business, the expanded
  business may be less successful than anticipated, and we may be required to allocate additional
  resources to the expanded business, which we would have otherwise allocated to another part of our
  business.
  We may face additional risks in expanding our foreign operations. Specifically, we may find
  it difficult to:
  –
  assimilate differences in foreign business practices, exchange rates and regulatory
  requirements;
  –
  operate amid political and economic instability;
  –
  hire and retain qualified personnel; and
  –
  overcome language, tariff and other barriers.
  WE MAY MAKE ACQUISITIONS IN THE FUTURE, WHICH MAY LEAD TO DISRUPTIONS TO OUR ONGOING BUSINESS
  We have made a number of acquisitions and will continue to review new acquisition
  opportunities. If we are unable to successfully integrate an acquired company, the acquisition
  could lead to disruptions to our business. The success of an acquisition will depend upon, among
  other things, our ability to:
  –
  assimilate the operations and services or products of the acquired company;
  –
  integrate acquired personnel;
  –
  retain and motivate key employees;
  –
  retain customers; and
  –
  minimize the diversion of management's attention from other business concerns.
  Acquisitions of foreign companies may also involve additional risks, including assimilating
  differences in foreign business practices and overcoming language and cultural barriers.
  In the event that the operations of an acquired business do not meet our performance expectations,
  we may have to restructure the acquired business or write-off the value of some or all of the
  assets of the acquired business.
  OUR EFFECTIVE INCOME TAX RATE MAY FLUCTUATE FROM QUARTER-TO-QUARTER, WHICH MAY AFFECT EARNINGS AND
  EARNINGS PER SHARE
  Our quarterly effective income tax rate is influenced by our projected profitability in the
  various taxing jurisdictions in which we operate. Changes in the distribution of profits and losses
  among taxing jurisdictions may have a significant impact on our effective income tax rate, which in
  turn could have a material adverse effect on our net income and earnings per share. Factors that
  affect the effective income tax rate include:
  - 12 -
  Table of Contents
  –
  the requirement to exclude from our quarterly worldwide effective income tax
  calculations losses in jurisdictions where no tax benefit can be recognized;
  –
  actual and projected full year pretax income;
  –
  changes in tax laws in the various taxing jurisdictions;
  –
  audits by the taxing authorities; and
  –
  the establishment of valuation allowances against deferred tax assets if it is
  established that it is more likely than not that future tax benefits will not be realized.
  RISKS RELATED TO THIS OFFERING
  OUR CORPORATE GOVERNANCE STRUCTURE, INCLUDING PROVISIONS OF OUR ARTICLES OF ORGANIZATION AND
  BY-LAWS AND OUR SHAREHOLDER RIGHTS PLAN, AND MASSACHUSETTS LAW MAY DELAY OR PREVENT A CHANGE IN
  CONTROL OR MANAGEMENT THAT STOCKHOLDERS MAY CONSIDER DESIRABLE
  Provisions of our articles of organization, by-laws and our shareholder rights plan, as well
  as provisions of Massachusetts law, may enable our management to resist acquisition of us by a
  third party, or may discourage a third party from acquiring us. These provisions include the
  following:
  –
  we have divided our board of directors into three classes that serve staggered
  three-year terms;
  –
  we are subject to Section 8.06 of the Massachusetts Business Corporation Law which
  provides that directors may only be removed by stockholders for cause, vacancies in our
  board of directors may only be filled by a vote of our board of directors and the number of
  directors may be fixed only by our board of directors;
  –
  we are subject to Chapter 110F of the Massachusetts General Laws which limits our
  ability to engage in business combinations with certain interested stockholders;
  –
  our stockholders are limited in their ability to call or introduce proposals at
  stockholder meetings; and
  –
  our shareholder rights plan would cause a proposed acquirer of 20% or more of our
  outstanding shares of common stock to suffer significant dilution.
  These provisions could have the effect of delaying, deferring, or preventing a change in
  control of us or a change in our management that stockholders may consider favorable or beneficial.
  These provisions could also discourage proxy contests and make it more difficult for stockholders
  to elect directors and take other corporate actions. These provisions could also limit the price
  that investors might be willing to pay in the future for shares of our stock. In addition, our
  Board of Directors may issue preferred stock in the future without stockholder approval. If our
  Board of Directors issues preferred stock, the holders of common stock would be subordinate to the
  rights of the holders of preferred stock. Our Board of Directors' ability to issue the preferred
  stock could make it more difficult for a third party to acquire, or discourage a third party from
  acquiring, a majority of our stock.
  - 13 -
  Table of Contents
  OUR STOCK PRICE HAS BEEN AND MAY IN THE FUTURE BE VOLATILE, WHICH COULD LEAD TO LOSSES BY INVESTORS
  The market price of our common stock has fluctuated widely in the past and may continue to do
  so in the future. On February 8, 2006, the closing sale price of our common stock on the Nasdaq
  National Market was $24.02 per share. During the period from January 1, 2004 to December 31, 2005,
  the price of our common stock ranged from a high of $24.95 per share to a low of $15.87 per share.
  Investors in our common stock must be willing to bear the risk of such fluctuations in stock price
  and the risk that the value of an investment in our stock could decline.
  Our stock price can be affected by quarter-to-quarter variations in a number of factors
  including:
  –
  operating results;
  –
  earnings estimates by analysts;
  –
  market conditions in the industry;
  –
  prospects of health care reform;
  –
  changes in government regulations;
  –
  general economic conditions, and
  –
  our effective income tax rate.
  In addition, the stock market has from time to time experienced significant price and volume
  fluctuations that are not related to the operating performance of particular companies. These
  market fluctuations may adversely affect the market price of our common stock. Since our common
  stock has traded in the past at a relatively high price-earnings multiple, due in part to analysts'
  expectations of earnings growth, the price of the stock could quickly and substantially decline as
  a result of even a relatively small shortfall in earnings from, or a change in, analysts'
  expectations.
  - 14 -
  Table of Contents
  SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
  This prospectus and the documents we incorporate by reference contain forward-looking
  statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
  Securities Exchange Act of 1934. All statements, other than statements of historical facts,
  included or incorporated in this prospectus, such as statements regarding our strategy, future
  operations, financial position, future revenues, projected costs, prospects, plans and objectives
  of management, are forward-looking statements. The words "anticipates," "believes," "estimates,"
  "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions are
  intended to identify forward-looking statements, although not all forward-looking statements
  contain these identifying words. We cannot guarantee that we actually will achieve the plans,
  intentions or expectations disclosed in our forward-looking statements and you should not place
  undue reliance on our forward-looking statements. Actual results or events could differ materially
  from the plans, intentions and expectations disclosed in the forward-looking statements we make. We
  have included important factors in the cautionary statements included or incorporated in this
  prospectus, particularly under the heading "Risk Factors", that we believe could cause actual
  results or events to differ materially from the forward-looking statements that we make. We do not
  assume any obligation to update any forward-looking statements.
  - 15 -
  Table of Contents
  USE OF PROCEEDS
  We will not receive any proceeds from the sale of shares by the selling stockholders.
  The selling stockholders will pay any underwriting discounts and commissions and expenses
  incurred by the selling stockholders for brokerage, accounting, tax or legal services or any other
  expenses incurred by the selling stockholders in disposing of the shares. We will bear all other
  costs, fees and expenses incurred in effecting the registration of the shares covered by this
  prospectus, including, without limitation, all registration and filing fees, Nasdaq listing fees
  and fees and expenses of our counsel and our accountants.
  SELLING STOCKHOLDERS
  The following table sets forth: (i) the name of each selling stockholder whose name is known
  as of the date of the filing of this prospectus; (ii) his or her position(s), office or other
  material relationship with PAREXEL and its predecessors or affiliates, over the last three years;
  (iii) the number of shares of common stock owned (or subject to options or convertible securities)
  by each selling stockholder as of the date of this prospectus and prior to this offering; (iv) the
  number of shares of common stock which may be offered and are being registered for the account of
  each selling stockholder by this prospectus (all of which are subject to vesting requirements); and
  (v) the amount of common stock to be owned by each such selling stockholder if such selling
  stockholder were to sell all of their shares of common stock covered by this prospectus.
  We do not know when or in what amounts a selling stockholder may offer shares for sale. The
  selling stockholders might not sell any or all of the shares offered by this prospectus. Because
  the selling stockholders may offer all or some of the shares pursuant to this offering, and because
  there are currently no agreements, arrangements or understandings with respect to the sale of any
  of the shares, we cannot estimate the number of the shares that will be held by the selling
  stockholders after completion of the offering. However, for purposes of this table, we have
  assumed that, after completion of the offering, none of the shares covered by this prospectus will
  be held by the selling stockholders.
  Beneficial ownership is determined in accordance with the rules of the SEC and includes voting
  or investment power with respect to shares. Shares of common stock issuable under stock options
  that are exercisable within 60 days after the date of this prospectus are deemed outstanding for
  computing the percentage ownership of the person holding the options but are not deemed outstanding
  for computing the percentage ownership of any other person. Unless otherwise indicated below, to
  our knowledge, all persons named in the table have sole voting and investment power with respect to
  their shares of common stock, except to the extent authority is shared by spouses under applicable
  law. The inclusion of any shares in this table does not constitute an admission of beneficial
  ownership for the person named below.
  - 16 -
  Table of Contents
  Number of
  Number of
  Number of
  Shares/Percentage of
  Shares/Percentage of
  Shares of
  Common Stock Owned
  Common Stock Prior to
  Common
  After the Offering (Both
  Name of Selling
  Position with
  Offer (Both Held Directly
  Stock to be
  Held Directly or
  Stockholder
  PAREXEL
  or Indirectly)(1)
  Offered
  Indirectly)(2)
  Number
  Percentage
  Number
  Percentage
  Josef H. von
  Chairman, Chief
  523,387 (4)
  1.9%
  73,000
  450,387 (4)
  1.7%
  Rickenbach
  Executive
  Officer, President
  and Director (3)
  A. Dana Callow, Jr.
  Director
  123,334 (5)
  *
  25,000
  98,334 (5)
  *
  A. Joseph Eagle
  Director
  57,517 (6)
  *
  25,000
  32,517 (6)
  *
  Patrick J. Fortune
  Director
  78,068 (7)
  *
  25,000
  53,068 (7)
  *
  Richard L. Love
  Director
  49,335 (8)
  *
  25,000
  24,335 (8)
  *
  Serge Okun
  Director
  116,668 (9)
  *
  25,000
  91,668 (9)
  *
  William U. Parfet
  Director
  70,535 (10)
  *
  25,000
  45,535 (10)
  *
  Kurt A. Brykman
  President,
  89,000 (12)
  *
  39,000
  50,000 (12)
  *
  PAREXEL
  Consulting and
  Medical
  Marketing
  Services (11)
  Mark A. Goldberg
  President,
  73,337 (14)
  *
  45,000
  28,337 (14)
  *
  Clincial Research
  Services and
  Perceptive
  Informatics (13)
  Ulf Schneider
  Senior Vice
  163,913 (15)
  *
  35,000
  128,913 (15)
  *
  President and
  Chief
  Administrative
  Officer
  James F. Winschel, Jr.
  Senior Vice
  219,640 (16)
  *
  48,000
  171,640 (16)
  *
  President and
  Chief Financial
  Officer
  *
  Less than 1 percent.
  1.
  The inclusion herein of any shares of common stock deemed beneficially owned does not
  constitute an admission of beneficial ownership of such shares. The number of shares deemed
  beneficially owned by each person is determined under the rules of the SEC. Under these
  rules,
  - 17 -
  Table of Contents
  beneficial ownership includes any shares issuable pursuant to stock options held by the
  respective person or group that may be exercised within 60 days
  after February 13, 2006,
  which we refer to herein as Presently Exercisable Stock Options. In calculating the
  percentage of shares of common stock beneficially owned by each person or entity listed, the
  number of shares of common stock deemed outstanding includes: (i) 26,561,952 shares of
  common stock outstanding as of February 8, 2006; and (ii) shares issuable pursuant to
  Presently Exercisable Stock Options, as set forth below.
  2.
  Assumes that all shares to be offered, as set forth above, are sold pursuant to this
  offering and that no other shares of common stock are acquired or disposed of by the
  selling stockholders prior to the termination of this offering. Because the selling
  stockholders may sell all, some or none of their shares or may acquire or dispose of other
   shares of common stock, no reliable estimate can be made of the aggregate number of Shares
  that will be sold pursuant to this offering or the number or percentage of shares of common
  stock that each selling stockholder will own upon completion of this offering.
  3.
  Mr. von Rickenbach has served as Director, Chairman of the Board and Chief Executive
  Officer since 1983 and has served as President since July 2005. Mr. von Rickenbach also
  served as President from 1983 to April 2001.
  4.
  Includes 338,750 shares of common stock issuable pursuant to Presently Exercisable
  Stock Options.
  5.
  Includes 98,334 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.
  6.
  Includes 32,517 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.
  7.
  Includes 49,499 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.
  8.
  Includes 19,835 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.
  9.
  Includes 87,668 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.
  10.
  Includes 33,835 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.
  11.
  Mr. Brykman has served as President, PAREXEL Consulting and Medical Marketing Services
  since June 2005. From September 2004 to June 2005, he served as President, PAREXEL
  Consulting.
  12.
  Includes 50,000 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.
  13.
  Mr. Goldberg has served as President, Clinical Research Services since June 2005 and
  President, Perceptive Informatics since July 2000.
  - 18 -
  Table of Contents
  14.
  Includes 25,225 shares of common stock issuable pursuant to Presently Exercisable Stock
  Options.
  15.
  Includes 117,150 shares of common stock issuable pursuant to Presently Exercisable
  Stock Options.
  16.
  Includes 146,250 shares of common stock issuable pursuant to Presently Exercisable
  Stock Options, 200 shares of common stock owned by spouse and 5,652 shares of common stock
  held as custodian for children.
  PLAN OF DISTRIBUTION
  The shares covered by this prospectus may be offered and sold from time to time by the selling
  stockholders. The term "selling stockholders" includes donees, pledgees, transferees or other
  successors-in-interest selling shares received after the date of this prospectus from a selling
  stockholder as a gift, pledge, partnership distribution or other non-sale related transfer. The
  selling stockholders will act independently of us in making decisions with respect to the timing,
  manner and size of each sale. Such sales may be made on one or more exchanges or in the
  over-the-counter market or otherwise, at prices and under terms then prevailing or at prices
  related to the then current market price or in negotiated transactions. The selling stockholders
  may sell their shares by one or more of, or a combination of, the following methods:
  •
  purchases by a broker-dealer as principal and resale by such broker-dealer for its
  own account pursuant to this prospectus;
  •
  ordinary brokerage transactions and transactions in which the broker solicits
  purchasers;
  •
  block trades in which the broker-dealer so engaged will attempt to sell the shares
  as agent but may position and resell a portion of the block as principal to facilitate
  the transaction;
  •
  an over-the-counter distribution in accordance with the rules of the Nasdaq National
  Market;
  •
  in privately negotiated transactions; and
  •
  in options transactions.
  In addition, any shares that qualify for sale pursuant to Rule 144 may be sold under Rule 144
  rather than pursuant to this prospectus.
  To the extent required, this prospectus may be amended or supplemented from time to time to
  describe a specific plan of distribution. In connection with distributions of the shares or
  otherwise, the selling stockholders may enter into hedging transactions with broker-dealers or
  other financial institutions. In connection with such transactions, broker-dealers or other
  financial institutions may engage in short sales of the common stock in the course of hedging the
  positions they assume with selling stockholders. The selling stockholders may also sell the common
  stock short and redeliver the shares to close out such short positions. The selling stockholders
  may also enter into option or other transactions with broker-dealers or other financial
  institutions which require the delivery to such broker-dealer or other financial institution of
  shares offered by this prospectus, which shares such broker-dealer or other financial institution
  may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
  The selling stockholders may also pledge shares to a broker-dealer or other financial
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  Table of Contents
  institution, and, upon a default, such broker-dealer or other financial institution, may effect
  sales of the pledged shares pursuant to this prospectus (as supplemented or amended to reflect such
  transaction).
  In effecting sales, broker-dealers or agents engaged by the selling stockholders may arrange
  for other broker-dealers to participate. Broker-dealers or agents may receive commissions,
  discounts or concessions from the selling stockholders in amounts to be negotiated immediately
  prior to the sale.
  In offering the shares covered by this prospectus, the selling stockholders and any
  broker-dealers who execute sales for the selling stockholders may be deemed to be "underwriters"
  within the meaning of the Securities Act in connection with such sales. Any profits realized by
  the selling stockholders and the compensation of any broker-dealer may be deemed to be underwriting
  discounts and commissions.
  In order to comply with the securities laws of certain states, if applicable, the shares must
  be sold in such jurisdictions only through registered or licensed brokers or dealers. In addition,
  in certain states the shares may not be sold unless they have been registered or qualified for sale
  in the applicable state or an exemption from the registration or qualification requirement is
  available and is complied with.
  We have advised the selling stockholders that the anti-manipulation rules of Regulation M
  under the Exchange Act may apply to sales of shares in the market and to the activities of the
  selling stockholders and their affiliates. In addition, we will make copies of this prospectus
  available to the selling stockholders for the purpose of satisfying the prospectus delivery
  requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer that
  participates in transactions involving the sale of the shares against certain liabilities,
  including liabilities arising under the Securities Act.
  At the time a particular offer of shares is made, if required, a prospectus supplement will be
  distributed that will set forth the number of shares being offered and the terms of the offering,
  including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter,
  any discount, commission and other item constituting compensation, any discount, commission or
  concession allowed or reallowed or paid to any dealer, and the proposed selling price to the
  public.
  We have agreed to indemnify the selling stockholders against certain liabilities, including
  certain liabilities under the Securities Act.
  We have agreed with the selling stockholders to keep the registration statement of which this
  prospectus constitutes a part effective until the earlier of (i) such time as all of the shares
  covered by this prospectus have been disposed of pursuant to and in accordance with the
  registration statement or (ii) February 13, 2008.
  LEGAL MATTERS
  The validity of the shares offered by this prospectus has been passed upon by Wilmer Cutler
  Pickering Hale and Dorr LLP.
  EXPERTS
  The consolidated financial statements of PAREXEL International Corporation appearing in
  PAREXEL International Corporation's Annual Report (Form 10-K) for the year ended June 30, 2005
  including schedules appearing therein, and PAREXEL International Corporation management's
  assessment of the effectiveness of internal control over financial reporting as of June 30, 2005
  included therein, have been audited by Ernst & Young LLP, independent registered public accounting
  firm, as set forth in their reports thereon, included therein, and incorporated herein by
  reference. Such consolidated
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  Table of Contents
  financial statements and management's assessment are incorporated herein by reference in reliance
  upon such reports given on the authority of such firm as experts in accounting and auditing.
  WHERE YOU CAN FIND MORE INFORMATION
  We file reports, proxy statements and other documents with the SEC. You may read and copy any
  document we file at the SEC's public reference room at 100 F Street, N.E., Room 1580, Washington,
  D.C. 20549. You should call 1-800-SEC-0330 for more information on the public reference room. Our
  SEC filings are also available to you on the SEC's Internet site at www.sec.gov.
  This prospectus is part of a registration statement that we filed with the SEC. The
  registration statement contains more information than this prospectus regarding us and our common
  stock, including certain exhibits and schedules. You can obtain a copy of the registration
  statement from the SEC at the address listed above or from the SEC's Internet site.
  INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
  The SEC requires us to "incorporate" into this prospectus information that we file with the
  SEC in other documents. This means that we can disclose important information to you by referring
  to other documents that contain that information. The information incorporated by reference is
  considered to be part of this prospectus. Information contained in this prospectus and information
  that we file with the SEC in the future and incorporate by reference in this prospectus
  automatically updates and supersedes previously filed information. We incorporate by reference the
  documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14
  or 15(d) of the Exchange Act after the date of this prospectus and prior to the sale of all the
  shares covered by this prospectus.
  1.
  Our Annual Report on Form 10-K for the fiscal year ended June 30, 2005 filed
  with the Securities and Exchange Commission on September 8, 2005;
  2.
  Our Quarterly Report on Form 10-Q for the quarter ended September 30, 2005
  filed with the Securities and Exchange Commission on November 9, 2005;
  3.
  Our Quarterly Report on Form 10-Q for the quarter ended December 31, 2005 filed
  with the Securities and Exchange Commission on February 9, 2006;
  4.
  Our Current Report on Form 8-K filed with the Securities and Exchange
  Commission on October 20, 2005;
  5.
  Our Current Report on Form 8-K filed with the Securities and Exchange
  Commission on December 21, 2005;
  6.
  Our Current Report on Form 8-K filed with the Securities and Exchange
  Commission on January 25, 2006;
  7.
  Our Definitive Proxy Materials for a regular meeting of stockholders filed with
  the Securities and Exchange Commission on October 28, 2005;
  8.
  Our Additional Definitive Proxy Materials for a regular meeting of stockholders
  filed with the Securities and Exchange Commission on November 17, 2005;
  9.
  The description of our common stock contained in our Amended and Restated Form
  8-A dated March 27, 2003, including any amendments or reports we file to update this
  description; and
  - 21 -
  Table of Contents
  10.
  The description of our rights to purchase preferred stock contained in our
  Amended and Restated Form 8-A dated March 27, 2003, including any amendments or reports
  we file to update this description.
  A statement contained in a document incorporated by reference into this prospectus shall be
  deemed to be modified or superceded for purposes of this prospectus to the extent that a statement
  contained in this prospectus, any prospectus supplement or in any other subsequently filed document
  which is also incorporated in this prospectus modifies or replaces such statement. Any statements
  so modified or superceded shall not be deemed, except as so modified or superceded, to constitute a
  part of this prospectus.
  You may request a copy of these documents, which will be provided to you at no cost, by
  writing or telephoning us using the following contact information:
  PAREXEL International Corporation
  200 West Street
  Waltham, Massachusetts 02451
  Attention: W. Brett Davis, Esq.
  Associate General Counsel
  Telephone: (781) 487-9900
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation Of Documents By Reference.
  The Registrant is subject to the informational and reporting requirements of Sections 13(a),
  14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in
  accordance therewith files reports, proxy statements and other information with the Securities and
  Exchange Commission (the "Commission"). The following documents, which are on file with the
  Commission, are incorporated in this Registration Statement by reference:
  (1) The Registrant's latest annual report filed pursuant to Section 13(a) or 15(d) of the
  Exchange Act, or the latest prospectus filed pursuant to Rule 424(b) under the Securities Act that
  contains audited financial statements for the Registrant's latest fiscal year for which such
  statements have been filed.
  (2) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the
  end of the fiscal year covered by the document referred to in (1) above.
  (3) The description of the common stock of the Registrant, $.01 par value per share (the
  "Common Stock"), contained in a registration statement filed under the Exchange Act, including any
  amendment or report filed for the purpose of updating such description.
  All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
  15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
  all shares of Common Stock offered hereby have been sold or which deregisters all shares of Common
  Stock
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  then remaining unsold, shall be deemed to be incorporated by reference herein and to be part
  hereof from the date of the filing of such documents. Any statement contained in a document
  incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
  superseded for purposes of this Registration Statement to the extent that a statement contained
  herein or in any other subsequently filed document which also is or is deemed to be incorporated by
  reference herein modifies or supersedes such statement. Any statement so modified or superseded
  shall not be deemed, except as so modified or superseded, to constitute a part of this Registration
  Statement.
  Item 4. Description of Securities.
  Not applicable.
  Item 5. Interests of Named Experts and Counsel.
  Not applicable.
  Item 6. Indemnification of Directors and Officers.
  Section 2.02(b)(4) of the Massachusetts Business Corporation Act (the "MBCA") provides that a
  corporation may, in its articles of organization, eliminate or limit a director's personal
  liability to the corporation and its shareholders for monetary damages for breaches of fiduciary
  duty, except in circumstances involving (1) a breach of the director's duty of loyalty to the
  corporation or its shareholders, (2) acts or omissions not in good faith or which involve
  intentional misconduct or a knowing violation of law, (3) improper distributions, and (4)
  transactions from which the director derived an improper personal benefit.
  Section 8.51 of the MBCA permits the Registrant to indemnify a director if the individual (1)
  acted in good faith, (2) reasonably believed that his or her conduct was (a) in the best interests
  of the corporation or (b) at least not opposed to the best interest of the corporation, and (3) in
  the case of a criminal proceeding, had no reasonable cause to believe his or her conduct was
  unlawful. Section 8.51 also permits the Registrant to indemnify a director for conduct for which
  such individual is or would be exculpated under the charter provision referred to above, whether or
  not the director satisfied a particular standard of conduct. Section 8.56 of the MBCA permits the
  Registrant to indemnify an officer (1) under those circumstances in which the corporation would be
  allowed to indemnify a director and (2) to such further extent as the corporation chooses provided
  that the liability does not arise out of acts or omissions not in good faith or which involve
  intentional misconduct or a knowing violation of law. This broader permissible indemnification for
  officers also is available for a director who is an officer if the individual becomes party to a
  proceeding on the basis of an act or omission solely as an officer. Section 8.55 of the MBCA
  mandates that the determination that an award of indemnification is appropriate in a particular
  circumstance be made by (1) a majority vote of all disinterested directors or a majority of a
  committee of disinterested directors (in each case, if there are at least two disinterested
  directors), (2) special legal counsel, or (3) the shareholders.
  Article 6 of the Company's Restated Articles of Organization provides that the Registrant
  shall indemnify each person who is or was a director or officer of the Registrant, and each person
  who is or was serving or has agreed to serve at the request of the Registrant as a director or
  officer of, or in a similar capacity with, another organization against all liabilities, costs and
  expenses reasonably incurred by any such persons in connection with the defense or disposition of
  or otherwise in connection with or resulting from any action, suit or other proceeding in which
  they may be involved by reason of being or having been such a director or officer or by reason of
  any action taken or not taken in such capacity, except with
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  respect to any matter as to which such person shall have been finally adjudicated by a court
  of competent jurisdiction not to have acted in good faith in the reasonable belief that his or her
  action was in the best interests of the Registrant.
  Prior to the final disposition of a proceeding involving a director or officer, Sections 8.53
  and 8.56 of the MBCA allow the Registrant to pay for or reimburse reasonable expenses. As a
  condition, the director or officer must deliver a written undertaking to repay the funds if the
  individual is determined not to have met the relevant standard of conduct, which determination is
  made in the same manner as the determination of whether an individual is entitled to
  indemnification. This undertaking may be accepted without security and without regard to the
  individual's financial ability to make repayment. Another condition to advancement of expenses is
  that the individual submit a written affirmation of his or her good faith that he or she has met
  the standard of conduct necessary for indemnification (or that the matter involved conduct for
  which liability has been eliminated pursuant to the charter exculpation provision referred to
  above).
  Sections 8.52 and 8.56(c) of the MBCA mandate indemnification for reasonable expenses,
  regardless of whether an individual has met a particular standard of conduct, in connection with
  proceedings in which a director or officer is wholly successful, on the merits or otherwise.
  Furthermore, Section 8.54 of the MBCA provides that a court may direct a corporation to indemnify a
  director or officer if the court determines that (1) the director or officer is entitled to
  mandatory indemnification under the MBCA, (2) the director or officer is entitled to
  indemnification pursuant to a provision in the corporation's charter or bylaws or in a contract or
  a board or shareholder resolution, or (3) it is fair and reasonable to indemnify the director or
  officer, regardless of whether he or she met the relevant standard of conduct.
  The Registrant maintains directors' and officers' liability insurance which may protect the
  Registrant's directors and officers against costs and liabilities imposed upon them in their roles
  with the Registrant, including in circumstances under which indemnification would not be permitted
  under the MBCA.
  Item 7. Exemption From Registration Claimed.
  The issuances of the Shares being offered by the Reoffer Prospectus were exempt from
  registration under the Securities Act in reliance upon Section 4(2) of the Securities Act.
  Item 8. Exhibits.
  The Exhibit Index immediately preceding the exhibits is incorporated herein by reference.
  Item 9. Undertakings.
  Item 1.
  1.
  Item 512(a) of Regulation S-K
  . The undersigned Registrant hereby undertakes:
  (1) To file, during any period in which offers or sales are being made, a post-effective
  amendment to this registration statement:
  (i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
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  Table of Contents
  (ii) To reflect in the prospectus any facts or events arising after the effective date
  of the registration statement (or the most recent post-effective amendment thereof) which,
  individually or in the aggregate, represent a fundamental change in the information set
  forth in the registration statement. Notwithstanding the foregoing, any increase or
  decrease in the volume of securities offered (if the total dollar value of securities
  offered would not exceed that which was registered) and any deviation from the low or high
  end of the estimated maximum offering range may be reflected in the form of prospectus filed
  with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
  price represent no more than a 20 percent change in the aggregate price set forth in the
  "Calculation of Registration Fee" table in the effective registration statement; and
  (iii) To include any material information with respect to the plan of distribution not
  previously disclosed in the registration statement or any material change to such
  information in the registration statement;
  provided, however,
  that paragraphs (i) and (ii) do not apply if the information required to
  be included in a post-effective amendment by those paragraphs is contained in periodic
  reports filed with or furnished to the Commission by the Registrant pursuant to Section 13
  or Section 15(d) of the Exchange Act that are incorporated by reference in the registration
  statement.
  (2) That, for the purpose of determining any liability under the Securities Act, each
  such post-effective amendment shall be deemed to be a new registration statement relating to
  the securities offered therein, and the offering of such securities at that time shall be
  deemed to be the initial
  bona fide
  offering thereof.
  (3) To remove from registration by means of a post-effective amendment any of the
  securities being registered which remain unsold at the termination of the offering.
  2.
  Item
  512(b)
  of Regulation S-K
  . The undersigned Registrant hereby undertakes that,
  for purposes of determining any liability under the Securities Act, each filing of the registrant's
  annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated
  by reference in the registration statement shall be deemed to be a new registration statement
  relating to the securities offered therein, and the offering of such securities at that time shall
  be deemed to be the initial
  bona fide
  offering thereof.
  3.
  Item
  512(h)
  of Regulation S-K
  . Insofar as indemnification for liabilities arising
  under the Securities Act may be permitted to directors, officers and controlling persons of the
  registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
  in the opinion of the Securities and Exchange Commission such indemnification is against public
  policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
  claim for indemnification against such liabilities (other than the payment by the Registrant of
  expenses incurred or paid by a director, officer or controlling person of the registrant in the
  successful defense of any action, suit or proceeding) is asserted by such director, officer or
  controlling person in connection with the securities being registered, the registrant will, unless
  in the opinion of its counsel the matter has been settled by controlling precedent, submit to a
  court of appropriate jurisdiction the question whether such indemnification by it is against public
  policy as expressed in the Securities Act and will be governed by the final adjudication of such
  issue.
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  Table of Contents
  SIGNATURES
  Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has
  reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
  duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
  duly authorized, in the city of Waltham, state of Massachusetts on
  this 13th day of February 2006.
  PAREXEL INTERNATIONAL CORPORATION
  By:
  /s/ Josef H. von Rickenbach
  Josef H. von Rickenbach
  Chairman and Chief Executive Officer
  POWER OF ATTORNEY AND SIGNATURES
  We, the undersigned officers and Directors of PAREXEL International Corporation hereby
  severally constitute and appoint Josef H. von Rickenbach and James F. Winschel, Jr., and each of
  them singly, our true and lawful attorneys with full power to them, and each of them singly, to
  sign for us and in our names in the capacities indicated below, the Registration Statement on Form
  S-8 filed herewith and any and all subsequent amendments to said Registration Statement, and
  generally to do all such things in our names and behalf in our capacities as officers and directors
  to enable PAREXEL International Corporation to comply with all requirements of the Securities and
  Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by said
  attorneys, or any of them, to said Registration Statement and any and all amendments thereto.
  Pursuant to the requirements of the Securities Act of 1933, this registration statement has
  been signed by the following persons in the capacities and on the dates indicated.
  SIGNATURE
  TITLE
  DATE
  /s/ Josef
  H. von Rickenbach
  Josef
  H. von Rickenbach
  Chairman and Chief Executive
  Officer and Director (principal executive
  officer)
  February 13, 2006
  /s/ James
  F. Winschel, Jr.
  James
  F. Winschel, Jr.
  Senior Vice President and Chief
  Financial Officer (principal financial
  and accounting officer)
  February 13, 2006
  /s/ A.
  Dana Callow, Jr.
  A.
  Dana Callow, Jr.
  Director
  February 13, 2006
  /s/ A.
  Joseph Eagle
  A.
  Joseph Eagle
  Director
  February 13, 2006
  /s/ Patrick
  J. Fortune
  Patrick
  J. Fortune
  Director
  February 13, 2006
  /s/ Richard
  L. Love
  Richard
  L. Love
  Director
  February 13, 2006
  - 26 -
  Table of Contents
  /s/ Serge Okun
  Serge Okun
  Director
  February 13, 2006
  /s/ William U. Parfet
  William U. Parfet
  Director
  February 13, 2006
  - 27 -
  Table of Contents
  EXHIBIT INDEX
  EXHIBIT
  NUMBER
  DESCRIPTION OF EXHIBIT
  4.1
  Amended and Restated Articles of Incorporation of the Registrant (filed as Exhibit 3.1 to
  the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 1996 and
  incorporated herein by this reference).
  4.2
  Amended and Restated By-Laws of the Registrant (filed as Exhibit 3.2 to the Registrant's
  Annual Report on Form 10-K for the fiscal year ended June 30, 2001 and incorporated herein by
  this reference).
  4.3
  Specimen certificate representing the Common Stock of the Registrant (filed as Exhibit 4.1
  to the Registrant's Registration Statement on Form S-1 (File No. 33-97406) and incorporated
  herein by this reference).
  4.4
  Rights Agreement dated March 27, 2003 between the Registrant and Equiserve Trust Company, as
  Rights Agent, which includes as Exhibit A the Form of Certificate o f Vote of Series A Junior
  Participating Preferred Stock, as Exhibit B the Form of Rights Certificate and as Exhibit C
  the Summary of the Rights to Purchase Common Stock (filed as Exhibit 4.1 to the Registrant's
  Current Report on Form 8-K/A dated March 31, 2003 and incorporated herein by this reference).
  5.1
  Opinion of Wilmer Cutler Pickering Hale and Dorr LLP.
  23.1
  Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in Exhibit 5).
  23.2
  Consent of Ernst & Young LLP.
  24.1
  Power of Attorney (included in the signature pages of this Registration Statement).