Economy

Pamplona Capital Management Nears Deal to Buy Parexel

Pamplona Capital Management Nears Deal to Buy Parexel

Private equity firm Pamplona Capital Management LLP is nearing a deal to acquire USA pharmaceutical research services provider Parexel International Corp for more than $4.5 billion, a person familiar with the matter said on Tuesday.

In a press release, Parexel confirmed it will be acquired by Pamplona for $88.10 per share in cash, in a transaction valued at approximately $5 billion, which includes the pharmaceutical company's net debt.

The private equity fund manager said Tuesday that it will pay $88.10 for each share, which represents a almost 28 percent premium to the company's stock price in early May before speculation about the deal first began to rise.

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Parexel shares surged 5% as the news hit Tuesday.

The deal is not subject to a financing condition. The company, which has 19,600 staffers worldwide, triggered a reorganization recently as it sought to right the ship.

Parexel had been cutting costs aggressively prior to the purchase, disclosing in May plans to eliminate more than 1,000 positions of its 19,600 jobs worldwide. And some have targeted management with their critiques, indicating that some big changes could still be ahead at the CRO.

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"Parexel benefits from a strong operating foundation with expertise and resources to support our clients in their clinical trials around the world".

"The market for biopharmaceutical services is evolving", he said.

Upon the completion, PAREXEL will become a privately held company and shares of PAREXEL's common stock will no longer be listed.

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