Pharmaceutical Product Development said it will be taken private by affiliates of the Carlyle Group and Hellman & Friedman for $3.9 billion in cash.
PPD to go private for $3.9 billion
The Wilmington, N.C.-based contract research company provides clinical trial development, management and post-approval services to pharmaceutical, biotechnology, medical device, academic and government organizations. The deal is expected to close in the fourth quarter of 2011, according to a news release.
Also in the news release, PPD said that the company’s board of directors unanimously approved the private-equity buyout and recommended that shareholders accept the agreement.
PPD announced in mid-September that Raymond Hill, former president of IMS Health’s consulting group, had been named CEO.
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