Quintiles Transnational Corp. shareholders formally approved its acquisition by Pharma Services Acquisition Corp. at a meeting in RTP today.
Quintiles will retain its name but operate as part of Pharma Services Holding, led by Quintiles Chairman and Founder Dennis Gillings.
The deal is worth some $1.4 billion.
Quintiles stock (Nasdaq: QTRN) will be delisted today, the company said.
Other participants in the Pharma Services group are One Equity Partners LLC, the private equity arm of Bank One Corporation, Temasek Holdings, Texas Pacific Group, Perseus-Soros BioPharmaceutical Fund (PSBF) and Mitsui & Co.
Quintiles shareholders have the option to be paid $14.50 per share in cash.
“This transaction is a momentous occasion for Quintiles and we are excited about the long-term advantages for the company,” Gillings said in a statement. “As a privately held company, Quintiles will be better positioned to serve customers and achieve its growth and earnings potential.”
Quintiles: www.quintiles.com
