Federal regulators have given early clearance to a $3.8 billion cash deal that would take private the contract biomedical development firm Pharmaceutical Product Development.
Feds let plans to take PPD private proceed
Acquiring the Wilmington, N.C., company are the Carlyle Group and private-equity firm Hellman & Friedman, which have agreed to pay $33.25 per share—a 30% premium over PPD’s closing price on Sept. 30 before the announcement Oct. 3, the companies said in a news release.
With Tuesday’s regulatory approval in hand, PPD would cease trading on the Nasdaq once shareholders approve the buy-out.
PPD provides contract drug development and discovery services for companies and organizations that specialize in pharmaceuticals, biotechnology and medical devices.
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.