ICON and PRA Health Sciences in $12 Billion Merger
Irish CDMO ICON is to acquire US-based rival PRA Health Sciences in a cash-and-stock deal worth approximately $12 billion. Both boards of directors have unanimously approved the merger.
Under the terms of the transaction, which is expected to close during the third quarter of 2021, PRA shareholders will receive $80 per share and 0.4125 shares of ICON stock, owning approximately 34% of the combined company, while ICON shareholders will own roughly 66%.
ICON said the merger will enable biopharma and medical device customers to benefit from a broader service offering and geographic footprint, as well as deeper therapeutic expertise, expansive healthcare technology innovation and functional talent and capabilities.
“The combined company will create a new paradigm for accelerating clinical research and bringing new medicines and devices to market,” said ICON CEO Steve Cutler. “We will be the leading provider of de-centralized and hybrid trial solutions through the integration of our data capabilities, health platforms and Accellacare site network.”
ICON added that the combined business will be number one or two in key clinical market segments and have formal strategic partnerships with most of the top 20 biopharma companies, providing a platform for growth and innovation.
Once the takeover is completed, the merged company will be headquartered in Dublin, Ireland, and led by ICON’s Cutler. PRA’s chairman and CEO Colin Shannon will join the board post-closing.
Author: Elaine Burridge, Freelance Journalist
