Pharmaceutical Product Development says it has agreed to be taken private by The Carlyle Group and Hellman & Friedman for $3.79 billion in cash.
PPD to go private for $3.79 billion
The deal values the Wilmington, N.C., company at $33.25 per share, a 29.6% premium to its Friday closing price. The total value is based on 113.9 million shares outstanding. The company's board unanimously approved the sale. Pending approval by regulators and shareholders, PPD expects the sale to close during the fourth quarter.
Pharmaceutical Product Development provides contract drug development and discovery services for pharmaceutical, biotechnology, medical device, academic and government organizations.
Reports in August said PPD was in talks with Carlyle Group, and had also had talks with Hellman & Friedman and other private equity firms.
Raymond Hill, formerly president of the consulting group at data and market-research provider IMS Health, was named CEO of PPD last month.
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