PPD complete business negotiations on merger
PPD is being taken over by affiliates of Hellman & Friedman and the Carlyle Group.
A definitive merger agreement has been signed by Pharmaceutical Product Development (PPD) that will see it taken over by affiliates of Hellman & Friedman and the Carlyle Group.
Once the deal has been completed, which is expected to cost $3.9 billion (£2.5 million), PPD will become a private company.
Negotiation skill may have been used by all parties in order to agree the final terms of the transaction.
Fred Eshelman, founder and executive chairman of PPD - which has offices in 44 countries throughout the world - noted shareholders are set to get an "attractive return" for their investment.
He added it also "secures [a] foundation and commitment to investment, innovation and excellence for PPD clients and employees as the company builds on its 25-year history of success".
The deal is still subject to the endorsement of PPD shareholders and regulatory approval, but it is not the focus of any financing conditions.
Posted by Edel Quinn
Source: PPD press release, October 3rd