Posts tagged “PRA International”
PRA International's private equity owner KKR reportedly needs $950 million to finance its CRO acquisitions. Read more about the proposed offering.
PRA International had been exploring a possible initial public stock offering. Instead, it is being sold to private equity firm KKR. For the moment, companies involved are being quiet about most details - including the acquisition price. But media reports had estimated a selling price of around $1.3 billion.
Even as PRA International explores a possible initial public stock offering, the clinical trials firm is also reportedly the target of private equity bidders who could buy the company for up to $1.3 billion.
Another life science services firm in the Triangle, PRA International, may follow in the footsteps of a bigger rival - Quintiles - by offering stock in order to raise capital. Just two years ago, PRA was at the center of takeover rumors in the range of $1 billion.
Quintiles is tops in a survey of pharmaceutical firms. However, the report also finds disastisfaction also finds that nearly half would prefer to pick trial doctors to run studies rather than clinical research organizations such as Quintiles.
PRA has entered into a strategic partnership with Amgen to do work on a series of phase 3 studies to develop biosimilar drugs. Biosimilars are follow-on biologic drugs that are cheaper than very expensive biologic drugs.
The Raleigh-based life science services firm is in the process of an "auction," according to The Wall Street Journal. If so, PRA would be the second regional contract research organization sold this fall. PPD is being sold for $3.9 billion.
Colin Shannon, a longtime executive at Pharmaceutical Product Development, will replace Terry Bieker as chief executive of PRA. Bieker, who is retiring, will remain a member of the contract research organization's board.