Posts tagged “PPD”
There's a slim chance another bidder could eclipse the $33.25 offer that was ultimately reached. The sale agreement includes a "go shop" provision that allows PPD to consider higher bids if submitted within 30 days of the October 2 merger agreement. Morgan Stanley has contacted a total of 22 parties: nine companies and 13 financial entities.
If Ray Hill is on his way out, the CRO has made no such indications. In the proxy statement filed with the SEC, the company includes a letter from PPD founder and Chairman Fred Eshelman distributed to all employees. In the letter, Eshelman said: "Nothing will change in our day-to-day operations as a result of this transaction. Our management team is working closely together to ensure the company remains focused on our current objectives and strategy. We believe the experience and leadership skills of our senior management team, including CEO Ray Hill, and all of our employees will add great value as we navigate through this transition."
Fred Eshelman, the founder and chairman of the Wilmington life sciences services firm, is also its largest individual stock holder with nearly 7 million shares. The announced going private deal on Monday also doesn't mean PPD won't be worth more before a deal is done. Bloomberg says the deal price was higher before the recent market downturn.
The Wilmington-based life science services firm has the option to pursue a better deal over the next 30 days. If a deal is consumated, PPD will become a private company owned by The Carlyle Group and Hellman & Friedman.
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The Chapel Hill-based firm has worked with GSK and AstraZeneca on past products. It has retained a consulting firm to find another partner for a compound under clinical trial that could help prevent cardiovascular disease.
The life science services firm, which is based in Wilmington and has an operation in the Triangle, has been shopping for a buyer. Carlyle Group could be the winner, Bloomberg news reports.
The Wilmington-based life sciences services company, which has an operation in the triangle, reports more than doubling of earnings and 10 percent jump in revenue.