Palantir Technologies Inc. (NYSE:PLTR) shares are trading lower in the premarket session on Thursday.
The AI giant inked a multi-year strategic partnership with clinical research organization Parexel to enhance and accelerate the delivery of safe and effective clinical trials for the world’s biopharmaceutical customers.
Under the collaboration, Parexel will leverage Palantir’s Foundry and Artificial Intelligence Platform (AIP) to boost its clinical data platform.
The platform is focused on driving clinical trial efficiency while maintaining the highest level of safety and regulatory rigor.
“Leveraging our internal Parexel expertise and our strategic partnership with Palantir, we have novel solutions already in use or in various stages of development that demonstrate our commitment to be a fully digital CRO,” said Jonathan Shough, Chief Information Officer for Parexel.
Parexel is the first CRO working with Palantir in this capacity, building on the companies’ existing collaboration over the past year, according to a press release.
Parexel Precision Pathway is an end-to-end operational approach that prioritizes the timely delivery of clean data while driving efficiency, quality and predictability.
“The company will significantly accelerate its business by untapping the value of data via an ontology constructed within Palantir Foundry and connecting it to the immense power of generative AI in AIP,” said Dr. Lalarukh Haris Shaikh, Executive, Life Sciences at Palantir.
Supported by Palantir’s software, Parexel’s clinical data platform provides an integrated digital environment to hyper-automate manual processes, promote data discoverability, distill insights from historical trials, and streamline coordination among scientific and operational teams and their partners.
Palantir is set to report its first-quarter financial results on May 6 after the market close. According to estimates from Benzinga Pro, analysts expect the company to report earnings of 8 cents per share and quarterly revenue of $625.33 million.
Price Action: PLTR shares are trading lower by 1.07% to $21.36 premarket at last check Thursday.
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