Icon plc (NASDAQ: ICLR), a global provider of outsourced drug and device development and commercialization services to the pharmaceutical, biotechnology and medical device industries, and government and public health organisations, is to acquire PRA Health Sciences, Inc. (NASDAQ: PRAH), a global contract research organization.
The acquisition, in a cash and stock transaction, valued PRA at approximately $12 billion, with the per share merger consideration consisting of $80 in cash and 0.4125 shares of ICON stock.
The transaction has been unanimously approved by both Boards of Directors and is anticipated to close during quarter three of 2021, subject to regulatory and shareholder approvals and customary closing conditions. Until closing, PRA and ICON remain separate and independent companies.
The transaction brings together two organizations which will bring to their biopharma and medical device customers broader service offerings, deeper therapeutic expertise, expansive healthcare technology innovation, and functional talent and capabilities.
PRA’s mobile and connected health platforms and real world data and information solutions together with ICON’s Accellacare site network, home health services and wearables expertise, will be combined to deliver differentiated decentralized and hybrid trial solutions to meet customer needs.
The combined company will be headquartered in Dublin, Ireland. Dr. Steve Cutler, Chief Executive Officer of ICON plc, will serve as Chief Executive Officer of the combined company and Brendan Brennan, Chief Financial Officer of ICON plc, will serve as Chief Financial Officer. Ciaran Murray will serve as the Chairman of the Board of Directors.
Current PRA Chairman and Chief Executive Officer, Colin Shannon will join the board post the closing of the transaction along with one additional board member from PRA.
Icon is a global provider of outsourced drug and device development and commercialization services to pharmaceutical, biotechnology, medical device and government and public health organisations. The company specialises in the strategic development, management and analysis of programs that support clinical development – from compound selection to Phase I-IV clinical studies. With headquarters in Dublin, Ireland, ICON employed approximately 16,000 employees in 93 locations in 41 countries as at December 31, 2020.
PRA is a global contract research organization providing outsourced clinical development and data solution services to the biotechnology and pharmaceutical industries. Its global clinical development platform includes more than 75 offices across North America, Europe, Asia, Latin America, Africa, Australia and the Middle East and approximately 19,000 employees worldwide. Since 2000, PRA has participated in approximately 4,000 clinical trials worldwide. In addition, PRA has participated in the pivotal or supportive trials that led to U.S. Food and Drug Administration or international regulatory approval of more than 95 drugs.